MORE ON BUYER BEWARE !

Property Industry News 24 September 2015

New survey looks at off the plan property sales

The NSW Government has launched a survey to identify and address potential issues

regarding buying property off the plan.

The survey will support wider consultation on the laws regulating this type of property sale. 

Through this process, NSW Fair Trading, with support from NSW Land and Property Information (LPI),

will also take a deeper look at concerns regarding sunset clauses.

This relates to vendors reportedly delaying a project’s completion so they can rescind a contract

with a current buyer. There is concern that such practice enables vendors to break

a contract specifically to resell the property in question for financial gain.

To explore this topic, access the survey and for updates on the consultation process,

please go to our Buying property off the plan page. The survey runs until 14 October 2015.

You can also make a formal submission to LPI, outlining what law changes are needed.

Email your comments by 14 October 2015 to: legalservices@lpi.nsw.gov.au  

Be sure to also read the media release: Public Feedback Sought on Off the Plan Sunset Clauses.

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