The standard contract behind almost every NSW property sale has had its first overhaul since 2022 — and since 1 June 2026, the new edition is the only safe one to sign. Here is what actually changed, in plain English, and the one mistake that can let a buyer walk away after exchange.
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If you buy or sell property in NSW, one document governs the whole deal: the Contract for the Sale and Purchase of Land. It is the standard form behind nearly every sale in the state, from a first apartment in Norwest to acreage in Glenhaven. In March 2026 the Law Society of NSW released a new edition — the first since 2022 — and from 1 June 2026 it became the edition every new sale should use.
Most of the changes are sensible housekeeping. One of them, though, has real teeth: a contract exchanged on the outdated form can now give the buyer a legal escape hatch, complete with a full deposit refund. If your property was listed before June, or you are preparing to sell this spring, this is worth five minutes of your time.
The contract is jointly published by the Law Society of NSW and the Real Estate Institute of NSW, and it gets revised when the law moves. The 2026 edition responds to the Conveyancing and Real Property Amendment Act 2025 (NSW) and a series of other legal developments — new anti-money-laundering obligations, changed tax withholding rules, a Supreme Court decision about off-the-plan sales, and the simple fact that homes in 2026 come with solar batteries rather than TV antennas.
One thing has not changed: in NSW, a residential property cannot be marketed for sale until a contract has been prepared. The contract is not paperwork that follows the deal — it is the starting gun. That is why the edition your solicitor works from matters before the first open home, not after.
Every residential sale contract in NSW must carry a prescribed cooling-off notice on its front pages — the wording is set by regulation, not by the lawyer preparing the contract. That prescribed wording was revised in 2025. Between 15 August 2025 and 31 May 2026, either the old or new version was acceptable. From 1 June 2026, only the new form complies.
For buyers, the substance of cooling off has not changed:
Here is the part that matters commercially. If a residential contract or option is exchanged from 1 June 2026 with the outdated cooling-off notice attached, the buyer can have the right to pull out of the contract within the first two weeks after the contract date — and recover their deposit in full. A deal you thought was exchanged and binding may not be.
The sellers most at risk are the ones who did everything early:
The fix is straightforward: before anything is signed or exchanged, have your solicitor confirm the contract is the 2026 edition — or update the old one to carry the new prescribed notice. It is a ten-minute check that removes a two-week escape hatch.
From 1 July 2026, solicitors, licensed conveyancers and real estate professionals became reporting entities under Australia's anti-money-laundering and counter-terrorism financing laws, and the 2026 contract now carries a warning about those obligations. In practice it means identity checks at the start of every property matter — we have written a full plain-English guide in Why your conveyancer suddenly needs your ID.
Since 1 January 2025, the foreign resident capital gains withholding rate is 15% and the old $750,000 threshold is gone — it applies to every property sale in Australia. The 2026 contract has been updated to reflect this. The practical point for ordinary sellers: if you are an Australian tax resident, you need a clearance certificate from the ATO before settlement, or the buyer is required to withhold 15% of your sale price. The certificate is free and lasts 12 months, but it is not always instant — apply as soon as you decide to sell.
'TV antenna' has been replaced with 'internet/TV receiver', and 'solar power battery' is now a standard inclusion tick-box. This matters more than it sounds: a battery system can cost many thousands of dollars, and whether it stays or goes should be recorded on the front page of the contract, not agreed at a kitchen bench. Walk the property, decide exactly what stays, and make sure the contract says so.
The contract adds a new item to its list of documents for anything relevant to an 'exclusive supply network', ahead of a potential future disclosure requirement — these are the embedded electricity, hot water or internet networks common in newer strata and community-title estates, including many around Norwest, Kellyville and Box Hill. If you are buying into one, you deserve to know who supplies your power and on what terms before you commit.
Following the Supreme Court's decision in Ahmau Developments Pty Ltd v Preet [2025] NSWSC 604, the clauses dealing with unregistered plans and conditional contracts have been adjusted so they no longer overlap. If you are buying off the plan in the Hills growth corridor, the contract mechanics are now more predictable — though off-the-plan purchases still carry their own risks and deserve careful review before you sign.
The 2026 edition also updates the provisions dealing with electronic signing of contracts, reflecting how most exchanges actually happen now.
Expect ID checks at the start, not the end. Check — or better, have your solicitor check — that the contract is the 2026 edition, especially if the property has been on the market a while. Your cooling-off rights are unchanged, but remember they vanish at auction: the time to have a contract reviewed is before auction day or before you sign, not after. A pre-signing review is where problems with easements, inclusions, embedded networks and special conditions get caught while they can still be negotiated.
Three things, all early. First, the contract: if it was drafted before June 2026, have it reissued or updated before anything is exchanged. Second, the clearance certificate: apply to the ATO as soon as you decide to sell, so 15% of your price is never parked with the tax office. Third, inclusions: decide what stays — down to the solar battery — and get it recorded accurately.
Spring campaigns across Baulkham Hills, Castle Hill and Norwest are typically prepared in July and August — and no marketing can start until the contract is ready. Having the contract pack prepared on the current edition, with the clearance certificate underway, means your campaign launches on time and your exchange actually sticks.
Michael handles every property and conveyancing matter personally — sale contracts prepared on the current 2026 edition, pre-signing and pre-auction contract reviews for buyers, and the clearance certificate and settlement process managed from day one. As an engineer turned solicitor who worked on NSW infrastructure projects, Michael brings a practical eye to off-the-plan purchases and new builds that most contract reviews miss. Fixed fees are available where applicable, with a written quote before any work begins.
If you are planning a purchase or sale anywhere in the Hills District or Western Sydney, you are welcome to book a free 15-minute call to talk through where things stand.
Related reading: Why your conveyancer suddenly needs your ID · Building defects in NSW: your rights and the new 10-year cover
This article is general information only and not legal advice. The law and figures described are current as at July 2026 and may change — contract requirements, tax withholding settings and anti-money-laundering obligations are all subject to ongoing reform. For advice about your situation, contact Michael Campbell Law or another qualified solicitor.
It is the standard form contract published by the Law Society of NSW and REINSW, used for almost every property sale in NSW. It records the price, deposit, settlement date, what is included in the sale and any special conditions. The 2026 edition replaced the 2022 edition, and from 1 June 2026 it is the edition that should be used for all new contracts.
It is risky. From 1 June 2026, every residential sale contract or option exchanged in NSW must include the revised prescribed cooling-off notice. If the outdated notice is used, the buyer may be able to walk away within the first two weeks after exchange and recover their deposit in full. If your contract was prepared before June 2026, have it updated before exchange.
The wording of the notice changed, but the underlying rights did not. For most residential purchases by private treaty you still have a 5 business day cooling-off period, and withdrawing costs 0.25% of the purchase price. There is no cooling-off period when you buy at auction, and the period can be waived with a section 66W certificate.
Yes, if you are an Australian tax resident. Since 1 January 2025 there is no price threshold, so without a clearance certificate the buyer must withhold 15% of the price at settlement and pay it to the ATO. The certificate is free, lasts 12 months and can take time to issue, so apply as soon as you decide to sell.
From 1 July 2026, solicitors, licensed conveyancers and real estate professionals became reporting entities under Australia's anti-money laundering laws. They must verify who their clients are before acting on a property transaction, and the 2026 contract now carries a warning about these obligations. Bring photo ID early so it never holds up your matter.
Michael handles every conveyance personally — contract preparation on the current edition, pre-auction reviews and settlement, with fixed fees where applicable and a written quote before any work begins. Start with a free 15-minute call to see how he can help.