Developers and Buyers for Off-the-Plan properties, check these important changes to the conveyancing laws passed by the State government in November. The new laws bring in stronger protection for purchases who buy property off-the-plan, and also impose on developers greater obligations for disclosure. A link to the Registrar General’s page noting some of the changes, as well as expansions to electronic land transactions is:
This is worth a read.
Key elements of the disclosure for off-the-plan contracts is the need for:
- A copy of the proposed plan of the building as well as details of easements and covenants;
- For strata and community properties, the proposed by-laws;
- A schedule of finishes where building work is required as part of the contract.