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Are you looking to purchase an off the plan property? Good news for purchasers as you are now more protected


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off the plan property

Buying off the plan property

Some of these changes are that a vendor must provide a disclosure statement that includes key information, such as the date the developer is able to fulfil their obligations as stipulated in the contract (this is referred to as a Sunset Date) in said statement.
There are now stronger protections to the sunset date to capture other events that trigger termination of the contract, like the issue of an occupation certificate.
For off-the-plan contracts a draft plan prepared by a registered surveyor must also be included which will show subject lot and floor plan including parking and storage areas, restrictions on the use of the land also known as “easements”, surrounding lots and floor plans and for lots in the proposed community, precinct or neighbourhood schemes the draft location diagram etc.
off the plan property

If the disclosure statement, draft plan or relevant prescribed documents are not attached to an off the plan property contract before it is signed, then a purchaser may rescind the contract within 14 days of exchange.

Purchasers must be made aware of changes to materialistic things within the development as these changes may have an adverse effect on the use or enjoyment of the proposed property being purchased. Compensation may be claimed or the purchaser may have a right to rescind under certain circumstances where material particulars have been changed.
The cooling-off period is currently 5 days and with these proposed changes this will be extended to 10 days on 1 December 2019.
Before settlement occurs purchasers must be given registered plans 21 days before settlement. Any deposit held by the developer must now be held in trust (no early release permitted) to protect the money held in the unfortunate event of a developer’s insolvency. This will not affect the use of deposit bonds or guarantees by the bank.
These changes will not apply to off-the-plan contracts that currently exist, they will only apply to contracts entered into after the commencement of the changed expected on 1 December 2019.

For more information on off the plan property please refer to the following link which goes into the greater details: https://www.registrargeneral.nsw.gov.au/news/new-requirements-for-off-the-plan-contracts-from-1-december-2019

We go above and beyond at Hunter Legal & Conveyancing to ensure our fixed fee service includes everything you need to buy and/or sell your property with ease. With over 30 years experience in Conveyancing and with HLC being a 7 day a week service, any questions you may have can be answered immediately. After hours also includes weekends, so if you want to secure your sale and/or purchase quickly you can call our professional Conveyancing team to get your matter underway.

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