66KPostponement of passing of risk to purchaser

66K Postponement of passing of risk to purchaser

66K Postponement of passing of risk to purchaser

(1) The risk in respect of damage to land shall not pass to the purchaser under a contract for the sale of the land until—

(a) the completion of the sale, or

(b) the time stipulated by the parties to the contract, being a time after the purchaser enters into, or is entitled to enter into, possession of the land,

whichever first occurs.

(2) The reference in subsection (1) to possession of land includes a reference to—

(a) the occupation of the land (whether pursuant to a licence or otherwise) pending completion of the sale of the land, and

(b) the receipt of income from the land.

pt 4, div 7 (ss 66J–66N): Ins 1986 No 6, Sch 1 (2).