You may recall our
eAlert last year and the series of changes that have been made
to contracts of sale due to the consumer laws in the Consumer
Affairs Legislation Amendment (Reform) Act 2010 (Vic). From 1
March 2012, the cooling off exceptions will be amended meaning that
purchasers will be able to obtain legal advice and still retain
their cooling off rights.
Contracts of sale will need to be amended by removing or
striking out the cooling off exception where a purchaser obtains
legal advice before signing a contract.
We are amending our contracts to take into account the
amendments to the cooling off exceptions in all new contracts that
we prepare and for all new instructions that we receive, but
developers and agents should take stock of their current contracts
for unsold lots and either:
request new contracts to be prepared and destroy current
contracts before 1 March 2012; or
strike out the cooling off exception in relation to a purchaser
obtaining legal advice before the signing the contract.
Despite the amendment to the cooling off exceptions from 1 March
2012, the new consumer laws requiring the inclusion of three
notices on the front page of any off-the-plan contract are still
likely to commence on 30 June 2012.
Please contact us if you have any queries regarding the
amendments to the cooling off exceptions and your contracts of
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The recently enacted National Consumer Credit Protection Act 2009 (National Credit Act) establishes a new national licensing regime for the regulation of consumer credit in Australia. The new regime includes a licensing requirement. If you currently engage in a credit activity, such as providing credit or advice in relation to credit, you may need to register with ASIC before 30 June 2010. Failure to register in time will result in you being required to cease the credit activities as of 1 July 2
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).