The NSW Government now requires those selling new apartments off-the-plan to disclose more information. As well there are tighter requirements around cooling-off periods, holding deposits and sunset clauses. These come following a number of cases where buyers have been sold one thing and received something a lot different to what they were expecting.
The new laws provide the following protection for consumers:
- provide buyers with key information about the development before contracts are signed, including copies of the proposed plan, proposed by-laws and a schedule of finishes
- notify purchasers of material changes that they make
- allow buyers to end the contract or claim compensation if they are impacted by the material changes
- provide final registered plans at least 21 days before the buyer settles
- extend the cooling-off period to 10 business days, with any deposit to be held in a controlled account until settlement.
For more information head to the Registrar General website.