It was reported on Domain today that a new bill introduced into the NSW Parliament, and expected to pass this month will bring greater security for off-the-plan buyers.
According to the article NSW Minister for Finance, Services and Property Victor Dominello said it would allow buyers to terminate a contract or claim compensation if they’re affected by changes to a building, and will force developers to provide a copy of the final plan 21 days before settlement.
“The governments legislation 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”, he said. The new bill will also widen legislation to clarify that the NSW Supreme Court can award damages, as well as making sure buyers are provided with proposed plans, bylaws and schedule of finishes before contracts are signed. The cooling off period is also to be exited to 10 business days.” says Minister Dominello to Domain.
Simon Freemantle, Director PRD Wagga responded to the news, “At PRD, we sell a significant proportion of homes off-the-plan. While we’ve not had the kinds of problems discussed in this article we are aware that buyers in other areas have experienced these situations. The proposed changes are a step in the right direction. Improving transparency and consistency in the process will increase consumer confidence, thereby reducing obstacles to buying property off-the-plan. We see this as a win-win for developers, agents and buyers.”