Special Conditions off The Plan
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Special Conditions for Off The Plan Property Sales to be used when the vendor does not yet own the land on which the development is to be built. The contract is conditional upon the vendor acquiring the land by a particular time.
Special Conditions for Off The Plan Property Sales
Contains all the features of the standard Special Conditions for Off the Plan Property Sales plus:
- The contract allows the vendor 27 months in which to acquire the land and register a strata plan.
- If the vendor does not acquire the land for whatever reason it may rescind the contract.
Off The Plan Property Sales suitable for both high rise and low rise residential strata plan project.
Changes to off-the-plan contract laws commence on 1 December 2019.
The new laws put extra disclosure obligations on vendors with the commencement of the Conveyancing Legislation (Amendment) Act 2018 and Conveyancing (Sale of Land) Amendment Regulation 2019. The new laws apply to off-the-plan contracts
An off-the-plan contract is a contract for the sale of a residential lot that has not been built at the time the contract is entered into.
The new disclosure regime and statutory remedies will apply to residential off-the-plan contracts entered into from 1 December 2019.
The disclosure regime does not apply to contracts that arise from option deeds that were exchanged before commencement. This specific exclusion protects the enforceability of the contracts that come from these options.
New sunset clause provisions (new section 66ZS discussed below) will apply to all off-the-plan contracts, irrespective of whether they were signed before or after commencement.
New disclosure requirements
Vendors must attach a Disclosure Statement to the Contract of Sale that outlines key information, like sunset dates and other conditional events. A word version of the approved Disclosure Statement is included. The Disclosure Statement must include a draft plan, prepared by a registered surveyor. This needs to show:
- the proposed lot number and area of the subject lot, and sufficient information to identify its location. For proposed strata lots, it is not necessary to show the location or area of any parking or storage area
- the site of any proposed easement or profit à prendre affecting the subject lot, and the site of any proposed restriction on the use of land or positive covenant affecting only part of the subject lot
- for lots in proposed strata schemes – the draft floor plan and draft location plan
- for lots in proposed community, precinct or neighbourhood schemes – the draft location diagram, draft detail plan and draft community, precinct or neighbourhood property plan.
Other draft documents must also be provided. These are:
- schedule of finishes
- any s88B instrument proposed to be lodged with the plan
- for lots in a proposed strata scheme, the draft by-laws
- for lots in a proposed community, precinct or neighbourhood scheme, the draft management statement and the draft of any proposed development contract
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