Changes to the Conveyancing Act 1919 and Conveyancing (Sale of Land) Regulation 2017 have been enacted in New South Wales (NSW). These new requirements for residential off-the-plan contracts came into effect on December 1 2019, and aim to bring “greater transparency and certainty” for purchasers.
Under the new changes, both vendors will be required to provide more information before and after a contract is signed, including:
Other changes have altered legal requirements and clarified some elements like damages, including:
The aim of these changes is to give buyers greater trust in the off-the-plan property industry. This is a direct result of some projects defaulting or suffering from faulty builds over the last year or so.
As the NSW Office of Fair Trading said, “The changes bring greater transparency and certainty for purchasers who buy residential property off-the-plan and follow an extensive review by the Office of the Registrar General.”