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.
Need to know more? Please call us on 0248 612 345