While the Community Titles (Pre-sold Lots) Variation Regulations 2013 has not yet been gazetted, it commences operation on 28 October 2013 immediately after the commencement of regulation 16 of the Community Titles Variation Regulations 2013.

The Community Titles Variation Regulations 2013 was gazetted on 18 July 2013.

Regulation 16 of the Community Titles Variation Regulations 2013 inserts a new Part 4 into the Community Titles Regulations 2011. This new Part 4 includes new regulations 38, 39 and 40. Regulation 40 has been inserted into the Community Titles Regulations 2011 and commenced operation on 18 July 2013. However, regulations 38 and 39 have not yet been incorporated into the Community Titles Regulations 2011 - they are to commence operation on 28 October 2010.

Regulation 39, inserted by the Community Titles Variation Regulations 2013, operates concurrently with the new section 142A of the Community Titles Act 1996. Regulation 39 refers to the holding of deposits or other contract moneys when a lot is pre-sold.

Sections 142A and 142B of the Community Titles Act 1996 have not yet been incorporated. Both sections have been inserted by section 40 of the Statutes Amendment (Community and Strata Titles) Act 2012, which Act was gazetted on 18 July 2013. Section 142A will commence operation on 28 October 2013. Section 142A(1) states that:

"A person must not sell a lot in a proposed community scheme before the plan of community division is deposited in the Lands Titles Registration Office unless the contract of sale provides, in accordance with any requirements specified in the regulations, for any consideration payable by the purchaser prior to the deposit of the plan to be held on trust by a specified legal practitioner, registered agent or registered conveyancer until the plan is deposited."

The new regulation 39 states that the period specified in the contract must not exceed a period of 2 years after the date of the contract.

The Community Titles (Pre-sold Lots) Variation Regulations 2013 deletes and replaces this new regulation 39 of the Community Titles Regulations 2011. This substitution is to commence on 28 October 2013. The substituted regulation 39 states:

"39 – Holding of deposit or other contract moneys when lot is pre-sold (section 142A of Act)

For the purposes of section 142A(1), a provision of a contract of sale that provides for any consideration payable by the purchaser prior to the deposit of the plan to be held on trust by a specified legal practitioner, registered agent or registered conveyancer until the plan is deposited must:

  1. be printed in bold in a font size of not less than 14 points
  2. be specifically brought to the attention of the purchaser by the vendor
  3. be initialled by, or on behalf of, both the vendor and the purchaser.

If a contract for the sale of a lot in a prescribed community scheme specifies a period for the purposes of section 142A(4)(a) of the Act, that provision of the contract must-

  1. be printed in bold in a font size of not less than 14 points; and
  2. be specifically brought to the attention of the purchaser by the vendor; and
  3. be initialled by, or on behalf of, both the vendor and the purchaser."