The Office of the Registrar General has published a discussion paper seeking feedback on new regulations to support off-the-plan reforms introduced by the Conveyancing Legislation (Amendment) Act 2018. A consultation draft of the Conveyancing (Sale of Land) Amendment Regulation 2019 has also been released.
The proposed Regulation deals with:
- a new form of disclosure statement and additional disclosure documents to be attached to off-the-plan contracts;
- remedies where the vendor has not met new disclosure obligations;
- the alternative remedy of compensation where changes have rendered the disclosure statement inaccurate as to a material particular;
- guidance as to what constitutes a ‘material particular’;
- a new form of prescribed warning statement to reflect the extension of cooling off periods for off-the-plan contracts to 10 business days (from 5 business days, for other residential transactions).
Discussion paper – Off-the-plan contracts: Conveyancing (Sale of Land) Amendment Regulation 2019
The discussion paper was released on 26 June 2019.
Submissions will close on 24 July 2019.