On November 22 last year, the Conveyancing Legislation Amendment Bill 2018 (NSW) received assent.
Once proclaimed, the Conveyancing Legislation Amendment Act 2018 (the Act) will have a significant impact on “off the plan” sales. Some of the major changes can be summarised as follows:
- Disclosure statements must be annexed to the contract
- If the disclosure statement becomes inaccurate, the purchaser may, in certain circumstances, have a rescission right
- Purchasers will not be required to settle any earlier then 21 days after service of notice of registration of a plan, and
- The cooling off period for off the plan contracts will be extended from 5 to 10 business days.
So, while certain sections of the the Act won’t commence until proclamation, developers and purchasers should be aware that change is just around the corner.