NSW home buyers purchasing residential properties off-the-plan will benefit from stronger protections under new laws endorsed by Parliament last night. The changes to the Conveyancing Act affect disclosures, cooling off periods, holding of deposits and sunset clauses.
“Buying off-the-plan has become more popular among first home buyers in recent years. While it works well in most cases, we’ve all heard the horror stories when things go wrong,” Finance Minister Victor Dominello said. "The new laws will bolster existing protections for buyers, by establishing minimum disclosure standards and ensuring that developers are held accountable for delivering what they promised at the time of purchase."
The reforms follow a public consultation and are supported by stakeholders including the Owners Corporation Network and the Law Society of NSW.