Land and Business (Sale and Conveyancing) Act 1994

• Purchasers of land and small businesses, who have cooling-off rights under s 5 and rights to receive vendor statements under ss 7-8.
• Vendors of land and small businesses, who must serve compliant vendor statements and must not demand payments exceeding the permitted deposit before the prescribed time (s 5(5)).
• Real estate agents, who are bound by conflict-of-interest rules, commission disclosure obligations, and restrictions on acting for both parties (Part 4).
• Auctioneers, who must comply with auction rules for residential land under Part 4A, including bidder registration, vendor bid restrictions and anti-dummy-bidding provisions.
• Legal practitioners and registered conveyancers, who are the only persons who may prepare conveyancing instruments for fee or reward (Part 5).
• The Commissioner for Consumer Affairs, who receives complaints and may take enforcement action.

Cooling-off right mechanics (s 5). The purchaser may rescind by written notice before the prescribed time. Notice may be given personally, by registered post (effective when posted), by fax or email (effective when transmitted), or by leaving notice at the agent's address. On rescission: the vendor must return all money paid, subject to retaining option consideration and a deposit of no more than $100 (or the regulation amount) for land sales, or 10% of total consideration for small business sales.

Prohibition on demanding excess payments (s 5(5)). A vendor or stakeholder must not demand or require a purchaser to pay money in respect of a sale before the prescribed time, other than option consideration and the permitted deposit. Contravention is an offence. A presumption operates that receipt of money = demand, absent proof to the contrary.

Vendor's statement for land (s 7). The vendor must serve a statement at least 10 clear days before settlement disclosing: the purchaser's cooling-off rights; particulars of all mortgages, charges and prescribed encumbrances; if the vendor acquired a relevant interest within the preceding 12 months, all transactions in that period; and other prescribed matters. This section applies only to fee simple or Crown leasehold interests and not to business sale contracts.

Vendor's statement for small businesses (s 8). A vendor of a small business must serve a statement with prescribed financial and business particulars at least 10 clear days before settlement.

Agent obligations (Part 4). Agents must: have written authority before acting (s 20); give required notices about buyer offers for residential land (s 21); ensure persons signing documents receive copies (s 22); not retain commissions where a contract is avoided (s 23); not lodge caveats for sums owed by clients (s 24); not make false representations about likely selling price (s 24A); not act for both purchaser and vendor without specific authorisation (s 24F).

Auction obligations (Part 4A). Auctioneers must: use standard conditions for residential land auctions (s 24I); complete preliminary records and maintain bidders registers (s 24J); admit only registered bidders (s 24K); not permit collusive practices (s 24L); not disrupt auctions (s 24M); not permit dummy bidding (s 24N); identify vendor bids (s 24O); and identify the last vendor bid if property is passed in (s 24P).

Conveyancing restrictions (Part 5). Only legal practitioners and registered conveyancers may prepare conveyancing instruments for fee or reward (s 27). Agents may prepare instruments in limited circumstances (s 28). Referral fees for conveyancing business are restricted (s 29).

Commissioner. The Commissioner for Consumer Affairs has enforcement powers and may receive complaints, investigate contraventions, and take regulatory action.

Authorised officers. Officers under the Fair Trading Act 1987 may exercise enforcement powers.

Remedies (s 15). Where a vendor fails to comply with Part 2 vendor statement obligations, the purchaser has rights to rescind the contract and recover money paid in specified circumstances.

Court remedies. Courts may award compensation and order rescission where the Act's provisions are breached.

• Contravention of Part 2 (s 14): A general offence applies to contraventions of Part 2 (vendor statement and cooling-off obligations).
• Demand for excess pre-settlement payment (s 5(5)): Offence.
• False certificates (s 13): Offence for giving a false certificate under s 13.
• Agent offences (Part 4): Various offences expressed in penalty units for breaches of agent obligations.
• Auction offences (Part 4A): Offences for dummy bidding (s 24N), collusive practices (s 24L), and related auction breaches.
• Conveyancing offences (Part 5): Offences for unauthorised preparation of conveyancing instruments.

Cooling-off period. The right to rescind exists until the "prescribed time" as defined by regulation. The purchaser must exercise the right by written notice before that time.

Vendor statement service. At least 10 clear days before the date of settlement under ss 7 and 8. "Clear days" excludes the day of service and the day of settlement.

Auction process. Parts 4A procedural requirements must be met before and during the auction event, including maintaining the bidders register and following vendor bid procedures.

Land Agents Act 1994 (SA). Agents are defined by reference to this Act. The Land Agents Act governs licensing and conduct of real estate agents in SA, and the Land and Business Sale Act imposes additional obligations on top of the Land Agents Act framework.

Conveyancers Act 1994 (SA). Registered conveyancers under this Act may prepare conveyancing instruments under Part 5 alongside legal practitioners.

Real Property Act 1886 (SA). The definition of "conveyancing instrument" refers to the Real Property Act 1886. The vendor's statement encumbrance requirements under s 7 reference the Real Property Act.

Community Titles Act 1996 (SA) and Strata Titles Act 1988 (SA). The definition of "residential land" includes community lots and units under these Acts.

Fair Trading Act 1987 (SA). Authorised officers under the Fair Trading Act may exercise enforcement powers.

The cooling-off right disappears on acceptance of delivery. Though not expressly stated in the source text's cooling-off provision, once a purchaser accepts delivery (physical possession) of property, the cooling-off window typically closes. Purchasers who take early access must understand they may be triggering a delivery acceptance.

Ten clear days is the minimum. "Clear days" for vendor statement service excludes the day of service and the day of settlement. A statement served nine days before settlement is non-compliant even if the parties have agreed to an accelerated timeline.

Vendor who acquired within 12 months must disclose the acquisition. The s 7 obligation includes disclosure of all transactions by which the vendor acquired a relevant interest within the preceding 12 months. Vendors who acquired through a chain of related-party transactions must disclose that chain.

Agent acting for both parties requires specific authorisation. Section 24F prohibits an agent from acting for both purchaser and vendor without specific authorisation. This cannot be waived informally. Agents who do so without authorisation commit an offence and may lose their commission.

Only the statutory capped deposit may be held pre-settlement. Section 5(5) prohibits demanding money beyond the statutory cap before the prescribed time. Vendors who demand a larger deposit than permitted expose themselves to prosecution and potentially invalidate the contract.

Example 1: Purchaser exercises cooling-off right. A first-home buyer signs a contract on Friday afternoon to purchase a house for $650,000, paying a $3,000 deposit. By Monday they have second thoughts. The prescribed time has not elapsed. They give the agent written notice of rescission by email on Monday morning (effective at the time of transmission). The vendor must return $3,000 less the permitted retention of $100 (or the regulation amount).

Example 2: Vendor fails to serve statement in time. A vendor executes contracts for the sale of their investment property on 15 June, with settlement fixed for 1 July. The vendor serves the vendor's statement on 22 June, which is only 9 days before settlement. The statement is out of time under s 7. The purchaser may have a right to rescind the contract under s 15 remedies.

Example 3: Dummy bidding at auction. An auctioneer conducts a residential property auction. During the auction, a person bids on behalf of the vendor without the bid being disclosed as a vendor bid, contrary to s 24N. The auctioneer and the dummy bidder commit offences. The auction result may be invalid.

Example 4: Agent preparing conveyancing documents. A licensed real estate agent prepares a Form 1 vendor's statement (for which agents are authorised) but then also prepares the contract of sale for fee or reward. Preparation of the contract is a conveyancing instrument and s 27 restricts this to legal practitioners and registered conveyancers. The agent may commit an offence under Part 5.