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CIVIL LAW (SALE OF RESIDENTIAL PROPERTY) AMENDMENT REGULATION 2004 (NO 2) (NO 64 OF 2004)
2004
THE LEGISLATIVE
ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
CIVIL LAW (SALE OF
RESIDENTIAL PROPERTY) AMENDMENT REGULATION 2004 (No 2)
Subordinate Law
No SL 2004-64
EXPLANATORY
STATEMENT
Circulated by authority of the
Attorney
General
Jon Stanhope MLA
Civil Law (Sale of Residential Property) Amendment
Regulation 2004 (No 2)
The Civil Law (Sale of Residential Property) Act 2003 was passed by
the Legislative Assembly in August 2003. The Act establishes a new process for
the making and exchange of contracts for the sale of residential property and
introduces new rules for public auctions of residential property in the ACT.
The new conveyancing scheme is designed to reduce significantly the incidence of
the unethical practice of gazumping and provide increased levels of consumer
protection for both buyers and sellers of residential property. The new public
auction rules are designed to increase transparency in the auction process and
limit opportunities for dummy bidding to occur.
This Regulation amends
the Civil Law (Sale of Residential Property) Regulation 2004 which was
made under section 40 of the Civil Law (Sale of Residential Property)
Act 2003 which is the general regulation-making power.
Regulations 1 and 2 – Name of regulation and
commencement
Regulations 1 and 2 are formal requirements for all
regulations, specifying the title of the regulation and the commencement date.
This regulation notes that this regulation amends the Civil Law (Sale
of Residential Property) Regulation 2004.
This regulation replaces section 2 of the Civil Law (Sale of Residential
Property) Regulation 2004 with a new section 2 which commences subsection
7(4), subsection 10(4) and section 12 to take effect on 4 April
2005.