The Victorian Government is seeking community feedback on the proposed Sale of Land Amendment (Exemption) Regulations 2020 (Regulations).
The Regulations support the Sale of Land Amendment Act 2019 (Amendment Act). The Amendment Act passed the Victorian Parliament on 28 May 2019 and received Royal Assent on 4 June 2019.
The Amendment Act will ban certain terms contracts and rent-to-buy arrangements, with fines and potential jail time for vendors and third-party intermediaries to act as a deterrent.
The proposed Regulations:
- will set the 'prescribed amount' below which terms contracts are prohibited, and
- may set out the requirements a rent-to-buy arrangement needs to comply with, to be exempt from the general prohibition on rent-to-buy arrangements.
We sought feedback regarding:
- what you think the ‘prescribed amount’ should be for terms contracts, and
- any exemptions, conditions and requirements that would need to be met in rent-to-buy-arrangements.
Where can I find the specific questions being asked?
This public consultation closed on Friday 25 October 2019.
The Regulations are expected to be made and operating in early 2020.
Where to read about the other Amendment Act reforms