VIC Homework Question - Contract Law and Sale of Land Act?

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Rocky1

Active Member
23 April 2017
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Hi everybody, I hope you're doing well!

I have a question that I am stuck on currently the question is;

What is the purpose of the Sale of Land Act 1962 as it applies to contracts for land?

I have browsed through this legislation on austlii but I have not found anything that gives me a purpose for this Act or I am just confused.

I have read that Section 32 of the Sale of Land Act 1962 is important but I have not found it important enough to answer my question.

I would highly appreciate any information or sources.

Rocky.
 

Rod

Lawyer
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Take a guess, why do you think Victoria has this legislation? List down a few possibilities and post them here.
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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You may also want to consider searching for the explanatory memorandum to the bill.
 

Rocky1

Active Member
23 April 2017
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31
Hi Rod, I have a few possibilities below: (correct me if I am wrong)

1) So the purchaser is safe and does not suffer from any money loss or fraudulent advertising.

2) The owner is safe.

3) another useful source I found was in Section 29B states that:

A person must not sell, under a terms contract, land that is in an identified folio under the Transfer of Land Act 1958 or is not under the operation of that Act unless—

(a) at the date of the making of the contract, the person has a good safe holding and marketable title to the land; and
(b) the person—
 

Rod

Lawyer
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27 May 2014
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Yes, that is the path to take. Protects against fraud.

For an asset that is likely to be the largest asset most people will ever purchase a 'guarantee' the transaction is legitimate is important.