THE “shrinking” of units between purchase and move-in dates is among dodgy practices which have triggered a NSW government overhaul of conveyancing laws.
The review will also examine buyers losing their deposit on a home bought off the plan when a developer goes broke before it’s completed.
Two years ago emergency legislation was introduced to stop developers from rescinding purchasers’ off-the-plan contracts and then relisting the same apartments at higher prices.
But real estate off rip-offs involving off-the-plan sales are continuing.
Unscrupulous agents are also failing to refund deposits, making false and misleading claims about a property or not disclosing building levies.