Elizabeth Kenny

New amendments for off the plan properties

December 10, 2018

Buying off the plan? Were you aware of the new legislative amendments below effective from 1 December 2018?

  • vendors must provide purchasers with proposed plans and relevant details for the Property before contracts for sale can be signed;
  • they will also be required to provide the purchasers with the final plans and notice of any changes made at least 21 days before completion of the contract for sale;
  • any changes to the proposed plans which materially affect the purchaser will now allow the purchaser the right to terminate the contract for sale;
  • damages may be paid to purchasers in certain circumstances where the vendor terminates the contract for sale during a sunset period; and
  • cooling-off periods for sales will be extended from 5 to 10 business days.

 

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