Victorian Current Acts Victorian Current ActsS. 9AA(1) amended by Nos 53/1988 s. 45(Sch. 2 items 44, 46), 48/1991 s. 55(1)(a)(b), 14/2019 s. 5(1).
(1) A vendor must not enter into an off-the-plan contract with any person, except a statutory body or authority, unless—
S. 9AA(1)(a) amended by Nos 53/1988 s. 45(Sch. 2 item 45), 14/2019 s. 5(2).
(a) the off‑the-plan contract provides that the deposit moneys payable by the purchaser are to be paid—
S. 9AA(1)(a)(i) amended by Nos 53/1988 s. 45(Sch. 2 item 45), 35/1996 s. 453(Sch. 1 item 73.2(a)(i)), 75/2006 s. 192(Sch. 2 item 5.2), 63/2010 s. 57(1)(a)(i).
(i) to a legal practitioner, conveyancer or licensed estate agent acting for the vendor to be held by the legal practitioner, conveyancer or licensed estate agent on trust for the purchaser until the registration of the plan of subdivision; and
S. 9AA(1)(a)(ii) amended by Nos 53/1988 s. 45(Sch. 2 item 45), 35/1996 s. 453(Sch. 1 item 73.2(a) (ii)), 11/2001 s. 3(Sch. item 67.2(a)), repealed by No. 63/2010 s. 57(1)(a)(ii).
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S. 9AA(1)(b) amended by No. 53/1988 s. 45(Sch. 2 item 45).
(b) the deposit moneys payable under the contract do not exceed 10 per cent of the purchase price of the lot.
Note to s. 9AA(1)(b) inserted by No. 63/2010 s. 57(1)(b).
Note
The expression "does not exceed 10 per cent" means that a deposit may be up to and including 10 per cent.
S. 9AA(1A) inserted by No. 63/2010 s. 57(2) (as amended by No. 56/2012 s. 26), amended by No. 14/2019 s. 5(3).
(1A) An off-the-plan contract must contain a conspicuous notice to the purchaser stating—
(a) that subject to the limit set by subsection (1)(b), the purchaser may negotiate with the vendor about the amount of deposit moneys payable under the contract; and
S. 9AA(1A)(b) amended by No. 14/2019 s. 5(4).
(b) that a substantial period of time may elapse between the day on which the purchaser signs the off-the-plan contract and the day on which the purchaser becomes the registered proprietor of the lot; and
S. 9AA(1A)(c) amended by No. 14/2019 s. 5(5).
(c) that the value of the lot may change between the day on which the purchaser signs the off‑the-plan contract and the day on which the purchaser becomes the registered proprietor.
S. 9AA(2) amended by Nos 53/1988 s. 45(Sch. 2 items 46, 47), 35/1996 s. 453(Sch. 1 item 73.2(b)), 11/2001 s. 3(Sch. item 67.2(b)), 75/2006 s. 192(Sch. 2 item 5.2), substituted by No. 63/2010 s. 57(3), amended by No. 14/2019 s. 5(6).
(2) The deposit moneys paid by the purchaser before the registration of the plan under an off-the-plan contract must be paid to the legal practitioner, conveyancer or licensed estate agent acting for the vendor.
S. 9AA(3) amended by No. 35/1996 s. 453(Sch. 1 item 73.2(c)), repealed by No. 63/2010 s. 57(4).
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S. 9AA(4) amended by Nos 35/1996 s. 453(Sch. 1 item 73.2(d)), 11/2001 s. 3(Sch. item 67.2(b)), repealed by No. 63/2010 s. 57(4).
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S. 9AA(5) repealed by No. 53/1988 s. 45(Sch. 2 item 48), new s. 9AA(5) inserted by No. 48/1991 s. 55(2), amended by No. 14/2019 s. 5(7).
(5) A person may sell land under an off-the-plan contract despite anything in section 8A.
S. 9AA(6) amended by Nos 53/1988 s. 45(Sch. 2 items 49, 50) (as amended by No. 47/1989 s. 19(z)), 48/1991 s. 55(1)(c), 11/2001 s. 3(Sch. item 67.2(c)), substituted by No. 63/2010 s. 57(5).
(6) In this section (except subsection (1)(b)) and section 9AF, "deposit moneys "in relation to the sale of a lot includes any moneys which are part of the purchase price received by the vendor or on behalf of the vendor before the purchaser becomes entitled to a transfer or conveyance of the lot.
S. 9AA(7) amended by No. 53/1988 s. 45(Sch. 2 item 50) (as amended by No. 47/1989 s. 19(za)), repealed by No. 14/2019 s. 5(8).
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S. 9AAA inserted by No. 53/1988 s. 45(Sch. 2 item 51) (as amended by No. 47/1989 s. 19(zb)(i)(ii)), substituted by No. 69/2006 s. 217.