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.
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.
changes will include:
- A 10
business day cooling off period to purchases of residential property
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:
not have entered into the contract had the purchaser been aware of the
- would be
materially prejudiced by the change.
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Liontis 61 417 693 547 firstname.lastname@example.org
Sunday, 12 May 2019