Changes for contracts for off the plan sales

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On November 22 last year, the Conveyancing Legislation Amendment Bill 2018 (NSW) received assent.

Once proclaimed, the Conveyancing Legislation Amendment Act 2018 (the Act) will have a significant impact on “off the plan” sales. Some of the major changes can be summarised as follows:

  • Disclosure statements must be annexed to the contract 
  • If the disclosure statement becomes inaccurate, the purchaser may, in certain circumstances, have a rescission right 
  • Purchasers will not be required to settle any earlier then 21 days after service of notice of registration of a plan, and
  • The cooling off period for off the plan contracts will be extended from 5 to 10 business days.

So, while certain sections of the the Act won’t commence until proclamation, developers and purchasers should be aware that change is just around the corner.

Alison Garland is a senior solicitor-property at Osborn Law.

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