Victorian Numbered Regulations Victorian Numbered Regulations(1) In Form 2 in the Schedule to the Principal Regulations, general condition 1.3 is revoked .
(2) In Form 2 in the Schedule to the Principal Regulations, for general condition 3.1 substitute —
"3.1 An omission or mistake in the description of the property or any deficiency in the area, description or measurements of the land does not invalidate the sale.".
(3) In Form 2 in the Schedule to the Principal Regulations, for general condition 7 substitute —
7.1 This general condition applies if any part of the property is subject to a security interest to which the Personal Property Securities Act 2009 (Cth) applies.
7.2 Subject to general conditions 7.3 and 7.4, the vendor must ensure that at or before settlement, the purchaser receives—
(a) a release from the secured party releasing the security interest in respect of the property; or
(b) a statement in writing in accordance with section 275(1)(b) of the Personal Property Securities Act 2009 (Cth) setting out that the amount or obligation that is secured is nil at the due date for settlement; or
(c) a written approval or correction in accordance with section 275(1)(c) of the Personal Property Securities Act 2009 (Cth) indicating that, on the due date for settlement, the personal property included in the contract is not or will not be property in which the security interest is granted—
if the security interest is registered in the Personal Property Securities Register.
7.3 The vendor is not obliged to ensure that the purchaser receives a release, statement, approval or correction in respect of any personal property that is sold in the ordinary course of the vendor's business of selling personal property of that kind unless, in the case of goods that may or must be described by serial number in the Personal Property Securities Register, the purchaser advises the vendor at least 21 days before the due date for settlement that the goods are to be held as inventory.
7.4 The vendor is not obliged to ensure that the purchaser receives a release, statement, approval or correction in respect of any personal property that—
(a) is not described by serial number in the Personal Property Securities Register; and
(b) is predominantly used for personal, domestic or household purposes; and
(c) has a market value of not more than $5000 or, if a greater amount has been prescribed for the purposes of section 47(1) of the Personal Property Securities Act 2009 (Cth) , not more than that prescribed amount.
7.5 A release for the purposes of general condition 7.2(a) must be in writing and in a form published by the Law Institute of Victoria, Law Council of Australia or the Australian Bankers Association.
7.6 If the purchaser receives a release under general condition 7.2(a), the purchaser must provide the vendor with a copy of the release at or as soon as practicable after settlement.
7.7 In addition to ensuring a release is received under general condition 7.2(a), the vendor must ensure that at or before settlement the purchaser receives a written undertaking from a secured party to register a financing change statement to reflect that release if the property being released includes goods of a kind that are described by serial number in the Personal Property Securities Register.
7.8 The purchaser must advise the vendor of any security interest that the purchaser reasonably requires to be released at least 21 days before the due date for settlement.
7.9 If the purchaser does not provide an advice under general condition 7.8, the vendor may delay settlement until 21 days after the purchaser advises the vendor of the security interests that the purchaser reasonably requires to be released.
7.10 If settlement is delayed under general condition 7.9, the purchaser must pay the vendor—
(a) interest from the due date for settlement until the date on which settlement occurs or 21 days after the vendor receives the advice, whichever is the earlier; and
(b) any reasonable costs incurred by the vendor as a result of the delay—
as though the purchaser was in default.
7.11 Words and phrases used in general condition 7 which are defined in the Personal Property Securities Act 2009 (Cth) have the same meaning in general condition 7.".
(4) In Form 2 in the Schedule to the Principal Regulations, in general condition 8, for "must provide at settlement details of any current builder warranty insurance" substitute "warrants that the vendor will provide at settlement details of any current builder warranty insurance in the vendor's possession".
(5) In Form 2 in the Schedule to the Principal Regulations, for general condition 11.2(b), substitute —
"(b) must be paid to the vendor's estate agent, legal practitioner or conveyancer and held by the estate agent, legal practitioner or conveyancer on trust for the purchaser until the registration of the plan of subdivision.".
(6) In Form 2 in the Schedule to the Principal Regulations, in general condition 11.4(b), omit "draft or".
(7) In Form 2 in the Schedule to the Principal Regulations, for general condition 11.6, substitute —
"11.6 At settlement, the purchaser must pay the fees on up to three cheques drawn on an authorised deposit-taking institution. If the vendor requests that any additional cheques be drawn on an authorised deposit-taking institution, the vendor must reimburse the purchaser for the fees incurred.".
(8) In Form 2 in the Schedule to the Principal Regulations, in general condition 12.1(a), for "proof, to the reasonable satisfaction" substitute "particulars, to the satisfaction".
(9) In Form 2 in the Schedule to the Principal Regulations, in general condition 12.1(b), for "day of sale" substitute "particulars were given to the purchaser under paragraph (a)".
(10) In Form 2 in the Schedule to the Principal Regulations, in general condition 12.1(c), after "conditions" insert "of section 27".
(11) In Form 2 in the Schedule to the Principal Regulations, in general condition 13.1(b), after "supply" (where secondly occurring) insert "(or a part of it)".
(12) In Form 2 in the Schedule to the Principal Regulations, in general condition 13.1(c), for "is a going concern and the supply" substitute "is of a going concern and the supply (or a part of it)".
(13) In Form 2 in the Schedule to the Principal Regulations, in general condition 17.2(c), after "documents" insert ", including any manner authorised for service on or by a legal practitioner".
(14) In Form 2 in the Schedule to the Principal Regulations, after general condition 17.2, insert —
"17.3 This general condition applies to the service of any demand, notice or document by or on any party, whether the expression 'give' or 'serve' or any other expression is used.".
(15) In Form 2 in the Schedule to the Principal Regulations, in general condition 19, after "signatory were the purchaser" insert "in the case of a default by a proprietary limited company purchaser".
(16) In Form 2 in the Schedule to the Principal Regulations, in general condition 23.1(a), for "sections 6(1) and 6(2)" substitute "section 29M".
(17) In Form 2 in the Schedule to the Principal Regulations, in general condition 27.1, for "served" substitute "given".
(18) In Form 2 in the Schedule to the Principal Regulations, in general condition 27.2(b), for "of service of the notice" substitute "of the notice being given".
═══════════════