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ARTICLE · 17 NOVEMBER 2018

Conveyancing reform in NSW affecting Off-the-Plan sales

Bartier Perry Solicitors
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The proposed changes place disclosure obligations on vendors selling "off the plan" and more safeguards for purchasers.

AustraliaReal Estate and Construction
Melissa Potter
Melissa Potter
Irene Horan (Formerly With Bartier Perry)
Irene Horan (Formerly With Bartier Perry)
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Changes are on the horizon for contracts of "off the plan" sales.

The Conveyancing Legislation Amendment Bill 2018 has been introduced into Parliament and when enacted will amend the Conveyancing Act 1919 and the Real Property Act 1900 to prescribe certain terms in contracts for "off the plan" sales. The Bill is currently in the Legislative Assembly, awaiting the Minister's 2nd speech.

The key changes place disclosure obligations on vendors selling "off the plan" and provide more safeguards for purchasers. The amendments also drive the push to a 'paperless' and electronic conveyancing system.

Proposed changes are set out below:

  • A disclosure statement will be attached to contracts for the sale and purchase of land before contracts are entered into.

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