Changes to off-the-plan contract laws commence on 1 December 2019.
Changes to the conveyancing legislation and regulations commence on 1 December 2019 and affect anyone dealing with off the plan sale contracts.
Certain prescribed documents must be attached to off the plan contracts, including a disclosure statement. A purchaser can rescind the contract if the Disclosure Statement or relevant prescribed documents are not attached to an off the plan contract exchanged on or after 1 December 2019.
The Law Society’s Contract for the Sale and Purchase of Land 2019 Edition is also now available. The 2019 Contract is a revision of the 2018 Edition and addresses law reforms implemented by the Conveyancing (Sale of Land) Amendment Regulation 2019 which commences on 1 December 2019.
What should I do?
Recall any contracts for lots in developments unsold as at 1 December 2019 and reissue contracts with the new disclosure statement and prescribed draft documents attached.
Our Off the Plan precedent collection has been updated in line with the changes in law and include the new prescribed form of Disclosure Statement and Notice of Changes.
Our new Off the Plan Special Conditions are written to complement the new Contract for the Sale and Purchase of Land 2019 Edition.