Attention All Off-The-Plan Vendors of Real Estate: Important Changes to Sunset Date Legislation

In line with recent legislative changes, all vendors under an off-the-plan contract will no longer be able to exercise its sunset date termination rights without first: giving written notice to the purchaser 28 days before the proposed rescission setting out certain prescribed details; and obtaining each purchaser’s written consent to [...]

2019-07-15T12:04:12+10:00July 15th, 2019|Categories: Property|Tags: , |

The sun is setting on delay tactics adopted by property developers in off the plan sales

Property developers engineering development delays and relying on developer friendly “sunset clauses” in off the plan contracts of sale contracts (OTP Contracts) to terminate those contracts and re-sell for higher prices are being targeted by the Andrews Labor Government through proposed new legislation. The Sale of Land Amendment Bill 2018 [...]

2018-09-18T18:03:03+10:00September 17th, 2018|Categories: Property|Tags: , , |

Don’t get caught out – Be aware of what constitutes a “terms contract” when selling an interest in land

When parties negotiate settlement terms of a contract of sale of real estate, particularly when it is a long term settlement, they can inadvertently structure the terms of the transaction in a way where the contract is deemed to be a ‘terms contract’ under the Sale of Land Act 1962 (the Act). This can have [...]

2018-08-23T15:25:16+10:00May 9th, 2018|Categories: Property|Tags: , , |

New GST Rules Affecting Property Transactions – ATO cracking down on developers who avoid paying GST

How these new obligations will affect both developers and purchasers Treasury has released draft legislation which proposes a new process for the remittance of GST to the ATO for property transactions that relate to the supply of “new residential premises”. Why the Changes The purpose of these new rules is [...]

2018-08-23T15:20:32+10:00January 18th, 2018|Categories: Property|Tags: , , |

Variations to the plan of subdivision – Are you jeopardising your presales?

Securing presales is a critical aspect of any property development project - but that’s only half the battle. The trick is making sure they settle. Long construction lead times and project delays mean settlement may not occur until up to several years after a purchaser signs a contract. The occurrence [...]

2018-09-18T12:16:58+10:00April 30th, 2017|Categories: Property|Tags: , |