Minister for Finance, Services and Property Victor Dominello announced the proposed changes to the Conveyancing Act that affect disclosures, cooling off periods, holding of deposits and sunset clauses.
“Purchasing a property is one of the most significant financial investments an individual or couple will make in their lifetime. These reforms are a big win for buyers and will provide them with greater confidence and certainty,” Mr Dominello said.
The reforms include:
• Buyers being provided with a copy of the proposed plan, proposed by-laws and a schedule of finishes before contracts are signed;
• Vendors providing a copy of the final plan (and notice of changes) at least 21 days before the buyer can be compelled to settle;
• Allowing buyers to terminate the contract or claim compensation if they are materially impacted by changes made from what was disclosed;
• Widening existing legislation to clarify that the Supreme Court can award damages where the vendor terminates under a sunset clause; and
• Extending the cooling off period to 10 business days with any deposit to be held in a controlled account.
The number of off-the-plan sales has increased from just over 2,000 in 2006/07 to nearly 30,000 in the last financial year.
They now account for about 12 per cent of all residential property sales in NSW. The reforms follow a public consultation. For more information visit
