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NSW Government to introduce new off the plan sunset clause legislation

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Your Investment Property | 02 Nov 2015, 09:25 AM Agree 0
Buyers of off the plan developments in New South Wales will soon have increased protections, with the state government to introduce laws that will make it harder for developers to enact sunset clauses
  • Erko | 02 Nov 2015, 03:10 PM Agree 0
    A much needed change
    A far more even playing field
    This problem would not be happening in a level or falling market!
  • Bruce from Sydney | 03 Nov 2015, 12:34 PM Agree 0
    Yes, please pass this law as soon as possible as currently me and my wife have bought our first home off-the-plan scheduled to be completed next Year, and due to price rises, it is likely the Developer will try to sell it off for profit.

    I am fearful that we are now priced out of the same market and also wasted 3 Years waiting time for nothing.

    Victor, only you can save these First home buyers like us from peril!!
  • Mary o'connor | 04 Nov 2015, 11:21 PM Agree 0
    Great legislation Mr Dominello.
    however does it cover my secondary purchase from the buyer who bought from the developer?
    The property will be finished but probably mot registered before the sunset date on march 31st 2016.
    The contracts were to be settled simultaneously.
    my vendor wants to charge me more.
    the developer has given him an extension.
  • Mary o'connor | 04 Nov 2015, 11:33 PM Agree 0
    Great legislation Mr Dominello. You are to be congratulated.
    However will it cover me as a secondary buyer from the person buying off the developer or does it just cover people urchasing directly from the developer?
    The contracts are to be settled simulaneously.
    It seems the property will be comlleted but wont be registered by the sunset date.
    my vendor has been given an extension by the developer but he has demanded extra money from me to extend my sunset date.
    Where do I stand?
    Help anyone?
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