Changes to off-the-plan residential property contracts in NSW

In November 2017 the NSW Office of the Registrar General released a discussion paper which identified a set of reform proposals designed to strengthen protections for consumers purchasing off-the-plan properties.

Following on from this paper the Conveyancing Legislation Amendment Bill 2018 (NSW) was submitted and assented by both Houses of Parliament on 22 November 2018. Although passed by both houses, the changes as they relate to off-the-plan purchasers will not take effect until a proclamation date to be determined by the NSW Government.

The changes will include:

  • A 10 business day cooling off period to purchases of residential property off-the-plan.
  • Developers will be required to attach a disclosure statement to the contract for sale. The disclosure statement must include a copy of the draft subdivision plan and other prescribed documents contained in the regulations. The regulations have yet to be introduced.
  • If a developer becomes aware that the disclosure statement contains inaccuracies in a "material particular", a notice of changes must be served on the affected purchaser at least 21 days before completion of the contract. The purchaser may, after receiving a notice of changes, rescind the contract if a change notified in the notice of changes is such that the purchase:
    • would not have entered into the contract had the purchaser been aware of the change, and
    • would be materially prejudiced by the change.

·     At RealRenta, we make it our business to work with Australia’s premier property developers and, in doing so, are able to help you identify, understand and assess the potential capital growth, rental return and tax benefits of your next investment. We’re focused on getting you priority access to developments in Australia’s fastest-growing suburbs. 

·      RealRenta currently has an extensive selection of new projects, house & land packages, townhouses, developer specials, one off price reductions and rebated stock. Speak with us today for the latest offerings.

·      If you have clients looking to invest in property, and want help to find the great returns and growth across Australia, contact us for a chat today.

·      Marlene Liontis 61 417 693 547 propertysales@realrenta.com




Marlene Liontis
Sunday, 12 May 2019

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