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
Source:http://www.mondaq.com/australia/x/803518/real+estate/Changes+to+offtheplan+residential+property+contracts+in+NSW
Marlene Liontis
Sunday, 12 May 2019
