Developers and Off-the-Plan Buyers

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:

https://www.registrargeneral.nsw.gov.au/news/changes-to-conveyancing-laws-off-the-plan-and-electronic-contracts

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.
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