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GWM Lawyers and Conveyancers, Australia
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Expert Legal Advice CALL NOW: (+61) 2 6583 5266 1300 659 390 (NSW & ACT) GWM Lawyers and Conveyancers, Australia |
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GWM Lawyers and ConveyancersWelcome to the February edition of this Law Update Newsletter, informing friends and clients of GWM Lawyers and Conveyancers of changes in the law that might impact on their personal or business lives. In this newsletter...
Off the Plan may be Off Putting
You will no doubt have read about problems encountered by owners of recently constructed flat buildings in Sydney. Owners who had entered into contracts to purchase units "off the plan" allege that developers had been able to construct their flat buildings and register their strata subdivision plans enabling the units to be sold, without obtaining final inspection certification. Buyers who had entered into contracts to purchase a unit "off the plan" were forced to complete those contracts upon registration of the plan of strata subdivision - regardless of whether the buyers were happy with the workmanship and the quality of the final product. Prudent buyers insisted on a condition in the contract making sure that buyers were not required to complete until the developer had shown evidence that a satisfactory final inspection had been carried out. The State Government decided to step in. The Building Legislation Amendment (Quality of Construction) Act, 2002 amends the Conveyancing (Sale of Land) Regulation 2000 and provides that in the case of purchases of strata units "off the plan" OR "house and land packages" the buyer is NOT REQUIRED to complete the contract unless a final occupation certificate has been issued. The changes CANNOT be "contracted out". The changes will apply to contracts exchanged after 1 July 2003. Developers of strata unit buildings and those involved in house and land package schemes need to be aware of the new provisions when contracts for sale are being prepared as the changes give purchasers some measure of control over the timetable for completion of the contract. These changes are all good news for buyers. At the same time the changes should not have too much effect upon developers, providing those developers are doing the right thing throughout a building work and ensuring that inspections are carried out at every stage of the work. However, it does give greater control to Council or private certifiers to insist on compliance. There may also be cash flow effects for any delays encountered which could flow into financing arrangements. Despite the changes both buyers and developers still need expert legal support in interpreting the impact of the changes and ensuring that the contract for sale from both the buyer's and the seller's perspective is properly prepared, reflects the intentions and protects the interests of both parties. February Newsletter Article 1 "Poor Value from the Valuer General!" Disclaimer
The contents of this email newsletter are designed to provide basic information on changes in the law only. The information provided is an overview of the changes mentioned and, as such, is intended as an alert rather than as advice to take any specific action. Nothing contained in this email, therefore, should be taken as legal advice and no specific action is advised in relation to any particular circumstance. Detailed questions are welcome either by email (info@gwmlaw.com.au), by letter (PO Box 753 Port Macquarie 2444) or personal appointment (phone 6583 5266). For further information regarding any of the changes to the law mentioned in this email contact GWM Lawyers and Conveyancers at info@gwmlaw.com.au by email, write to us at PO Box 753 Port Macquarie 2444 or phone for a personal appointment on 0011 61(0) 2 6583 5266. You may also go to our website www.gwmlaw.com.au, click on "Areas of Law" and follow the email links to one of our expert staff.  To Top of Page Home | About GWM | Key Legal Staff | Australian Law | Testimonials | Contact Legal Articles | Press Releases | Newsletters | GWM Commercial | Links Privacy Statement | Website Feedback | Sitemap ©2001-2005 GWM Lawyers and Conveyancers, Port Macquarie New South Wales Australia Australian Legal Business website |
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