In November 2017 the NSW Office of the Registrar General
released a discussion paper which identified a set of reform
proposals designed to strengthen protections for consumers
purchasing off-the-plan properties.
Following on from this paper the Conveyancing Legislation
Amendment Bill 2018 (NSW) was submitted and assented by both houses
of parliament on 22 November 2018. Although passed by both houses,
the changes as they relate to off-the-plan purchasers will not take
effect until a proclamation date to be determined by the NSW
Government.
The changes will include:
- A 10 business day cooling off period to purchases of
residential property off-the-plan.
- Developers will be required to attach a disclosure statement to
the contract for sale. The disclosure statement must include a copy
of the draft subdivision plan and other prescribed documents
contained in the regulations. The regulations have yet to be
introduced.
