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BFCSA: NSW Government to protect "off the plan buyers" from bank driven developer skullduggery

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Following consultation by NSW Land and Property Information and NSW Fair Trading, new laws have passed to better protect consumers buying property off the plan. Developers will need a buyer’s consent before they end a contract using a sunset clause, otherwise they need to apply to the Supreme Court to justify ending it. Find out more by reading the media release - Off the plan protections secured and visit our Buying property off the plan page.

No. 2015/10 November 2015
Legal protections for off the plan property purchasers
On 17 November 2015 the NSW Government passed the Conveyancing Amendment (Sunset Clauses) Act 2015 to provide further protections for purchasers in off the plan property contracts. This Act inserts a new Division 10 into the Conveyancing Act 1919 entitled ‘Off the plan contracts’.
The Act addresses concerns that some developers are using the ‘sunset clause’ as a way of terminating an off the plan contract specifically for financial gain. There have been reports of developers deliberately delaying a project so that the sunset clause can be activated. The purchaser receives their deposit back but will be out of pocket for their legal/conveyancing expenses and may be priced out of buying a replacement property......
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Guest Sunday, 25 October 2020