By Janelle Metcalf (Associate)
The Sustainable Planning and Other Legislation Amendment
Bill 2011, which was passed as an Act with amendments on 14
February 2012, makes a key change to the circumstances under which
off-the-plan contracts for property sales may be avoided under the
Land Sales Act 1984.
This amendment will provide some comfort to developers and
financiers in times when neither can afford for contracts to be
avoided due to a purchaser's default.
Here, partner Tony Baldwin and associate Janelle Metcalf outline
the change the Act has introduced.
Key change to off-the-plan contract sales under the
Land Sales Act 1984
Until now, section 27 of the Land Sales Act 1984
required a vendor to provide a purchaser of property under an
off-the-plan contract with the registrable instrument of transfer
for a lot within the sunset period of 3.5 yearsi from
the contract date, failing which a purchaser could avoid the
contract.
