This condition was formerly general condition 27.1 in the prescribed contract in the Estate Agents (Contracts) Regulations 2008 (Vic). The relevant condition in the Law Institute of Victoria contract of sale of land Copyright August 2019 (LIV contract) is general condition 34.
Under most contracts of sale a party is usually required to provide a written default notice before they are entitled to exercise any rights arising from the other party’s default.
A practitioner acting for a vendor contacted LPLC seeking guidance on how to prepare a default notice for a breach of a sale of land contract by a purchaser and what the difference was between a default notice and the rescission notice.
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