In light of Land Use Victoria’s move towards 100% electronic transactions, new requirements have been introduced for the lodgement of restrictive covenants on transfers of land and restrictions on plans of subdivision.
The new regime is effective from 1 July 2018 and a summary of each is set out below.
Any restrictive covenant being recorded on title for land in Victoria must be contained in a registered Memorandum of Common Provisions (MCP) and incorporated onto the Transfer of Land by reference to the MCP number(s).
This applies to all Victorian land for which:
- a contract of sale was signed on or after 1 July 2018; or
- the Transfer of Land was signed on or after 1 July 2018 (if there is no contract of sale).
This new regime replaces the T2 Transfer of Land form.
Restrictions on plans of subdivision
For plans of subdivision which were first signed by a licensed surveyor on or after 1 July 2018, any restrictions contained on that plan must be:
- contained in one or more MCPs and referred to on the plan of subdivision by the MCP number(s)
- limited to only one page in length and written on the plan.
The restriction must also reference a planning permit number.
The new rules will not affect plans of subdivision first signed by a licensed surveyor prior to 1 July 2018, even if the version of the plan is subsequently updated.
|Luisa Cursio | Lawyer
T +61 3 9258 3320