Most Read Contributor in Australia, September 2016
The Property Occupations Act 2014 has been proclaimed
and is due to commence on 1 December 2014.
The amendments to the Land Sales Act 1994
(LSA), Property Law Act 1974
(PLA) and Body Corporate and Community
Management Act 1997 (BCCM) are also due to
commence on 1 December 2014.
These amendments and the new Property Occupations Act
2014 are designed to reduce red tape in the sale and purchase
of real property. The changes will be of particular benefit for
developers who can now use a more streamlined off the plan sales
Key changes include:
Removal of Form 30C Warning Statement
New requirement for buyer's execution panel to refer to
cooling off period rights
Changes to how the cooling off period can be waived
Disclosure obligations: disclosure obligations
in the LSA will be transferred to the BCCM for a proposed lot in a
community titles scheme
Disclosure material in option to purchase:
where a buyer is provided with disclosure material when entering
into an option to purchase the seller will not be required to
re-issue disclosure material when the option is exercised. However,
where a nominee is the buyer under the contract entered into, upon
exercise of the option, the nominee must be given a new disclosure
Disclosure material: disclosure material will
no longer be required to state the names and addresses of the
seller and buyer
Further Disclosure: further statements must be
given at least 21 days before the contract is settled (currently
the requirement is to give notice within 14 days of the seller
becoming aware of the change). The buyer's right to terminate
arises if the buyer is materially prejudiced by the change
Sunset dates for strata lots: for a proposed
lot in a community titles scheme, the seller may nominate a
5˝ year sunset date (currently 3˝ years)
Increased deposit: for 'off-the-plan'
contracts a deposit may be up to 20% of the purchase price without
making it an instalment contract
EOI deposits: expression of interest holding
deposits must be paid directly into the trust account of an agent
or law practice (and may no longer be held by a seller).
Developers will need to ensure their template off the plan sales
documents are updated to reflect these changes and incorporate the
This publication does not deal with every important topic or
change in law and is not intended to be relied upon as a substitute
for legal or other advice that may be relevant to the reader's
specific circumstances. If you have found this publication of
interest and would like to know more or wish to obtain legal advice
relevant to your circumstances please contact one of the named
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