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Passing of risk between vendor and purchaser of land
Reference received: 20 June 1983
Report
Report 40: Passing of Risk Between Vendor and Purchaser of Land (PDF, 227.8 KB), March 1984
Tabled in parliament: 8 May 1984
Legislative action: Conveyancing (Passing of Risk) AmendmetAct 1986
Judicial citation: Stephenson v State Bank of NSW Ltd
(1996) 39 NSWLR 101, 103, 105, 108 and 112;
Baker v Jessup (1998) 9 BPR 16,653; Urban House v Purnell Bros
[2007] NSWSC 1248 [3]; Gorgas v Hwang
[2010] NSWSC 1121 [30]
Terms of reference
To inquire into and report on:
(i) The law and practice relating to insurance or compensation in respect of damage to or destruction of improvements and other property on land the subject of a contract for sale, and as part of such inquiry to consider the following:
- how the risk of such damage or destruction should be borne as between vendor and purchaser
- whether the benefit of an insurance policy held by the vendor should ensure for the purchaser
(ii) the manner in which the proceeds of any insurance policy held by the vendor or the purchaser, or any compensation received by either party, should be applied.
(iii) Any incidental matter.
We acknowledge Aboriginal people as the First Nations Peoples of NSW and pay our respects to Elders past, present and future. We acknowledge the ongoing connection Aboriginal people have to this land and recognise Aboriginal people as the original custodians of this land.