Vicforms 2.0

Under the updated LIV Contract, a vendor can require all directors to sign a guarantee if the purchaser is a proprietary limited company.

General condition 12 of the updated LIV Contract is now titled ‘Domestic Building Insurance’. The amended General Condition 12 confirms that it applies only to domestic building insurance provided by a registered builder under a major domestic building contract. In addition, it reduces the notice period from 21 days to 14 days before settlement.

General conditions in the former LIV Contract dealing with an early release of the deposit under section 27 of the Sale of Land Act 1962 (Vic) (‘Sale of Land Act’) have been removed from the updated LIV Contract. The updated LIV Contract does not contain any contractual provisions regarding the release of a deposit under section 27 of the Sale of Land Act.

Under the new general condition 17.3, the updated LIV Contract widens the range of settlement times to reflect the broader settlement times permitted by the electronic lodgement network operator (for example, PEXA). However, general condition 17.2 retains the 10.00 am to 4.00 pm settlement times for paper transactions.

General condition 21.2(a) in the updated LIV Contract has amended the defined person who can provide a building report from a ‘building practitioner’ or an architect to:

• a ‘registered building surveyor’,

• a ‘registered building inspector’,

• a ‘registered domestic builder’ or

• an architect.

In addition, the defined person preparing the building report must do so in accordance with Australian Standard AS 4349.1-2007 (‘Australian Building Report Standard’) and only a ‘major defect’ will give the purchaser a right to terminate.

General condition 22.2(a) in the updated LIV Contract no longer defines the class of persons required to provide the pest report. However, it does require the report from the pest inspector to be ‘prepared in accordance with the relevant Australian Standard approved on behalf of the Council of Standards Australia’.

General conditions dealing with the specific apportionment and treatment of the vendor’s land tax as part of the adjustments at settlement have been removed from the Updated LIV Contract.

In addition, the new general condition 23.4 has been inserted to ensure contractual compliance with section 10G of the Sale of Land Act, prohibiting the vendor recovering any amounts for land tax or commercial and industrial property tax (CIPT) from the purchaser, where the ‘sale price’ is less than the ‘threshold amount’ (as defined under section 10I of the Sale of Land Act).

The new general condition 28.4 has been inserted to ensure the contractual basis for dealing with notices between the day of sale and settlement, which could include vendor land tax liabilities or windfall gains tax (WGT) liabilities, complies with sections 10G and 10H, respectively, of the Sale of Land Act.

The former LIV Contract included a contractual mechanism to withhold up to $5,000 of the sale price to address minor property damage that occurred between the day of sale and settlement. This withholding mechanism has now been removed from the updated LIV Contract.

General condition 33 has been amended to remove the additional two percentage points of interest, in addition to the going rate of penalty interest under the Penalty Interest Rates Act 1983.

In the updated LIV Contract, general condition 35.4 has been amended so vendors' post-contract termination rights also apply where the vendor accepts the purchaser’s repudiation of the contract of sale of land.

• Residential Rental Agreement (135)

• General Letting and Managing Authority: Residential Property (004)

• Exclusive Letting and Managing Authority: Residential Property (005A)

• Exclusive Commercial Leasing Authority (005B)

• Exclusive Commercial Property Management Authority (005C)

• Exclusive Leasing & Managing Authority Commercial Retail Industrial Real Estate (005D)

• Commercial Lease Schedule (144)

• Guarantee and Indemnity (142)

• Renewal of Lease (150)

• Commercial Lease Special Conditions Schedule (144A)

• General Leasing & Managing Authority Commercial/Retail/Industrial Real Estate (004A)

• Commercial Lease (143)

• Exclusive Authority: Sale of Business (009)

• Exclusive Authority for the Purchase of Real Estate and/or Business (006A)

• General Service Authority (012)

The account credentials were emailed to the OIEC for the Office as recorded with the REIV. If you would like to update those details or request the email be sent to an alternative address. Please provide details on this form.

A new subscription will need to be set up in VicForms 2.0. All REIV Member offices have obligation-free access to VicForms 2.0 for a limited period. The OIEC (as listed on REIV records) for each Office Member will receive login credentials for VicForms 2.0 and can then invite team members to set up their individual access.

To cancel the Hutly/ Buddy Bee subscription please log a request with support@hutly.com.au.

We encourage you to download any completed forms or saved data to ensure you have your own secure record.

VicForms 2.0 is a new platform. The OIEC for each Office Member will be issued new login credentials. The OIEC can then invite users from the business to set up their individual access. Each REIV member office will receive obligation-free access to the new platform for a limited time.

Please send a request to support@hutly.com .

All REIV Members have fee free access for 60 days (terms & conditions apply) to support the transition to Vicforms 2.0.

To cancel any Hutly subscription please log a request directly with Hutly on support@hutly.com to cancel that subscription.

We are committed to providing the best possible service to our members. This change allows us to deliver a more stable, user-friendly and scalable forms solution for the future.

Please contact REIV customer support for assistance at vicforms@reiv.com.au or call us on 03 9205 6666.

Yes. Seamless integration with CRMs and property software is a cornerstone of the VicForms 2.0 platform. Our new technology partner brings extensive experience in delivering these integrations across the real estate industry, and rollout will occur in a staged and reliable manner. You can be confident that your existing systems will connect smoothly with VicForms 2.0 to support your day-to-day business.

REIV VicForms will only be available on the new Vicforms 2.0 platform. REIV’s compliance protections will only apply within VicForms 2.0, and a new subscription will be required.