Parliament has passed the Sale of Land Amendment Bill 2019 (Vic) which brings into effect retrospective legislation relating to sunset dates (also known as latest dates for registration) in the off-the-plan contracts of sale.
Parliament passed the Sale of Land Amendment Bill 2019 (Vic) (Bill) on 28 May 2019. This Bill
brings into effect retrospective legislation relating to sunset dates (also
known as latest dates for registration) in the off-the-plan contracts of sale.
What
does this mean?
- Vendors no longer have an automatic right to
rescind an off-the-plan contract of sale under the sunset date clause.
- Vendors may only rescind an off-the-plan
contract of sale under the sunset date clause if:
-
(a) the plan has not been registered by the
sunset date; or (b)an occupancy permit has not been issued by
the sunset date.
(b)Vendors must obtain the purchaser's consent to
rescind under the sunset date clause.
4. Vendors must give 28 day's written to
purchasers before the proposed rescission setting out:
5. (a) why the Vendor is proposing to rescind the
contract; and (b) reason for delay in registering the plan or
obtaining an occupancy permit; and (c) noting the purchaser is not obliged to
consent to the proposed rescission.
A new section 10F is to be inserted
into the Sale of Land Act 1962 setting out the information Vendors will be
required to include in a sunset clause.
The amendments contained in the Bill
will retrospectively apply to all off-the-plan contracts of sale entered into on and
from 23 August 2018.
Need a property or development loan?
Contact us @ propertyloans@realrenta.com and
we will arrange for our trusted finance partner to contact you.
Source:
http://www.mondaq.com/article.asp?articleid=811194&email_access=on
Source:Mondaq
Monday, 10 June 2019
