Have your say - discussion paper to protect buyers' residential "off the plan" property in NSW
A media release has just been issued in relation to the Minister for Finance, Services & Property (NSW) seeking public feedback on a raft of proposals aimed at bolstering protections for home buyers purchasing a property “off the plan”.
The proposals are designed to both strengthen and provide better protections for home buyers and provide clarity for the developers and vendors.
A range of measures have been outlined that will help standardise practices within the real estate industry and provide better outcomes for all sides. Some of the mechanisms being considered include some or all of the following:
- mandatory disclose;
- implied contract terms;
- standardised notice periods where changes are needed;
- minimum requirements for the holding of deposits.
Some of the other proposals are to review the laws introduced in 2015 which prevented developers from ending contracts for sunset dates without obtaining the approval of all of the purchasers or the Supreme Court. There is a suggestion about expanding the definition of what is a “sunset clause” to incorporate other trigger events. There is also a discussion about the discretionary power of the Supreme Court to award damages.
A discussion paper is available for comment at the Registrar General Website.
The deadline for any submissions closes on 30 January 2018.
If you have any comments on the proposed new measures, please respond as suggested by the media release and discussion paper.
Gary Newton, Partner