This article is from the Australian Property Journal archive
CONSULTATION is now open on the ACT’s laws protecting off-the-plan home buyers from unfair contract cancellations.
After the ACT government amended the Civil Law (Sale of Residential Property) Act 2003 back in 2021, in an effort to stop developers or sellers from cancelling or rescinding off-the-plan contracts unfairly, the changes are now being review to ensure they are fit for purpose.
Those involved in buying or selling off-the-plan property to provide feedback on the amendments.
People who have been involved in buying or selling off-the-plan property are encouraged to provide feedback by making a submission or completing a short survey, with consultation closing on 20 May 2024.
“We want to hear from those who have experience with buying and selling off-the-plan properties, to make sure that our current laws are working for them,” said Shane Rattenbury, Attorney-General.
“These protections were introduced in 2021 in response to concerns that property developers may have been rescinding contracts to take advantage of rising property prices. Now, if a seller is cancelling a contract under a sunset date or delay event rescission clause, they need to get consent from the buyer or an order from the Supreme Court.”
