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 [...]
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 [...]
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 [...]
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 [...]
