Vendors and developers take note: New bill set to change sunset clauses in Victoria

The Sale of Land Amendment Bill 2018 is set to introduce a number of reforms to address ongoing issues in the Victorian property market that result in consumer detriment.

In brief

The Sale of Land Amendment Bill 2018 (the Bill) was introduced into the Victorian Lower House on 21 August 2018. The Bill implements a number of reforms to the Sale of Land Act 1962 designed to address ongoing issues in the Victorian property market resulting in consumer detriment.

What you need to know

The Bill aims to:

• restrict the use of sunset clauses in certain off-the-plan contracts;
• prohibit the use of certain types of terms contracts and rent-to-buy arrangements;
• regulate money paid in relation to options;