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Changes to the Transfer of land forms
New requirements for creating restrictive covenants in transfers and restrictions in plans will come into effect on 1 July 2018. This article will explore the requirements for restrictive covenants in transfers and how they relate to forms, for further information about restrictions in plans please see Customer Information Bulletin 175.
In the Registrar’s Requirements for Paper Conveyancing Transactions Version 4, requirement 12.2 provides that:
The details of any restrictive covenant to be created in a transfer:
(a) for which any contract of sale is signed on or after 1 July 2018; or
(b) when there is no contract of sale, the transfer is signed on or after 1 July 2018;
must be contained in a Memorandum of Common Provisions (MCP) or MCPs and referred to in the transfer by the MCP number(s).
To allow customers to comply with the new requirements, changes have been made to the Transfer of land and Transfer of land – creating an easement/restrictive covenant (formerly T2) forms. The Memorandum of Common Provisions (MCP) form has also been updated. Customers will be notified when changes to the Transfer of land by mortgagee or annuitant 77TLA (formerly T3) are made.
Summary of changes
Transfer of land
- The Transfer of land form (with version LV-V33-May-2017 in footer) has been removed from the website and replaced with versionLV-V34-Mar-2018.
- The Transfer of land form (LV-V34-Mar-2018) has a new panel 8. Covenants, described on the next page.
- The current Transfer of land – creating an easement/restrictive covenant remains available on the website for a limited transitional time.
- A new Transfer of land form has been created and named Transfer of land – creating an easement.
- The MCP form has been updated to provide some rich text functionality. This includes: bullet points, bolding, italics.
Transfer of land (formerly T2)
Memorandum of common provisions
All versions of forms available on the Land Use Victoria Transfer of Land Act page and can be used and lodged at Land Use Victoria.
Although not available on the Land Use Victoria website, the preceding version of the Transfer of land form (LV-V33-May-2017) will continue to be accepted for lodgment if it complies with Registrar’s requirement 12.2.
Updated guides for each form are available on the Land Use Victoria website by clicking on the symbol under the form name.
How to complete section 8. Covenants in the Transfer of land (former T1) form
To receive notification when a Customer Information Bulletin is published, please send an email to firstname.lastname@example.org with SUBSCRIBE in the subject line – include your name and email address in the body of the email.
Page last updated: 21/08/20