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ARTICLE · 12 SEPTEMBER 2018

Signalled changes to notification requirements for off-the-plan contracts in New South Wales

Colin Biggers & Paisley
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Developers need to be aware of changes to notification requirements for off-the-plan contracts.

AustraliaReal Estate and Construction
Brendan Maier
Brendan Maier
Douglas Prime
Douglas Prime

In brief - Developers need to be aware of changes to notification requirements for off-the-plan contracts

The Office of the Registrar-General has signalled new significant notification requirements for off-the-plan contracts, which will be introduced into the NSW Parliament later this year. The reforms will enable purchasers, in certain circumstances, to rescind contracts in off-the-plan sales.

In line with reform commenced in 2015 with the Conveyancing Amendment (Sunset Clauses) Act 2015 (NSW), the NSW Government has sought to provide greater purchaser protection in off-the-plan contracts. The market for off-the-plan residential properties currently represents around 11.5% of residential sales in NSW.

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