Land and Business (Sales and Conveyancing) Act 1994
Our specialist team of conveyancers understand that when investing in or selling a property, financial protection is a major concern for individuals. At Edmonds this is our number one priority. Throughout the entire transactional process we ensure our clients have the knowledge needed to make informed decisions. Meanwhile, the processes we implement are in accordance with the NSW Conveyancing Act 1919 No 6. This is similar to the Land and Business (Sales and Conveyancing) Act 1994 of South Australia. So why are these Acts enforced? And how does it benefit you as a vendor or purchaser?
History of the Land and Business (Sales and Conveyancing) Act 1994
Dating back to 1994, the SA Government revisited the land Agents, Brokers and Valuers Act and created three distinct Acts. This decision was based on the difference between the interest of real estate consumers and others (for example agents and conveyancers). The Land Agents, Brokers and Valuers Act contained several provisions which regulated the conduct of instruments. As a result, a fourth new Act was brought into being, the Land and Business (Sales and Conveyancing) Act 1994.
What are the objectives of the Act?
The Land and Business (Sales and Conveyancing) Act 1994 deals with a broad range of problems, which the real estate and related industries experience. It is critical to identify the problem that the Act seeks to address on a section by section basis. This is because objectives and justifications for each section may be varied.
The real estate industry is a place where purchasers are at a significant disadvantage, compared to other participants in the industry. Consumers tend to lack the requisite knowledge of the industry and will often be unfamiliar with any rights that they do possess.
As a result, the Land and Business (Sales and Conveyancing) Act 1994 is in place to protect consumers – both purchasers and vendors.
The Act seeks to provide:
- A cooling off period in which the buyer may decide not to proceed with the purchase of land or business.
- That the consumer receives certain particulars before the cooling off period commences. Therefore the consumer has time to digest the information and make an informed decision.
- Rules relating to the contractual relationship between agent and vendor.
- Rules relevant to the preparation of conveyancing instruments. This ensures conveyancing is performed such that the conveyancer is not open to undue influence or conflict of interest.
How does the Act ensure the vendor and buyer are protected?
This is an important Act as it seeks to increase the level of consumer protection. It does so by imposing certain conditions on the business method. The consumer is provided with meaningful forms of redress when problems arise with the transaction. Whether that is the agent’s or vendor’s fault.
For further information contact Edmonds Conveyancing to assist you and answer any queries.