Sale of Land and the PPS Act
Conveyancing, Leases, Mortgages, Personal Properties Securities, Mortgages, Personal Properties Securities
11 Sep 13
Practitioners for both vendors and purchasers need to understand that the Personal Property Securities Act 2009 (Cth) (PPS Act) may apply to a contract of sale of land because:Sometimes a vendor selling land, also sells goods to the purchaser.Sometimes a vendor selling land also transfers a licence to the purchaser.The sale of land may be subject to a lease where the vendor may have received a cash security deposit from the tenant.The sale of land may be subject to a lease where the vendor may have also leased goods to the tenant.The LPLC recommends that practitioners consider the matters in this Alert when acting in relation to the sale of land.