Land And Conveyancing Law Reform Act 2009
Passing of beneficial interest.
52.— (1) Subject to subsection (2), the entire beneficial interest passes to the purchaser on the making, after the commencement of this Chapter, of an enforceable contract for the sale or other disposition of land.
(2) Subsection (1) does not affect—
( a) the obligation of the vendor to maintain the land so long as possession of it is retained, or
( b) the liability of the vendor for loss or damage under any contractual provision dealing with such risk, or
( c) the vendor’s right to rescind the contract for failure by the purchaser to complete or other breach of the contract, or
( d) any provision to the contrary in the contract.