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A bespoke contract to enable service charges direct to owners who want that special service that the committee does not wish to pay for.
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Contract between a strata manager and a developer for pre-registration services.
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A bespoke up-to-date building management agency agreement template and proposal, tailored for your firm.
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A tailored by-law for your renovation works.
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An agreement from the owners corporation to owners or occupants to supply amenities, such as, electric vehicle charging infrastructure, telecommunication services, window cleaning, garbage disposal and recycling services.
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Posted 22 November 2019
Category: Strata
Amongst the recent raft of changes to the residential building industry, on 1 December 2019 the Conveyancing (Sale of Land) Regulations 2019 (NSW) will commence with a view to providing greater protections to purchasers of residential property from off-the-plan contracts.
Buying a property āoff-the-planā essentially means that a purchaser is buying a property that has not yet been constructed. The contract will generally include a detailed description of the property and may include a copy of the draft strata plan, preliminary plans lodged with the local council and a list of finishes to be used in the property.
There are, of course, both advantages and disadvantages to buying off-the-plan. Advantages to the purchaser include buying a property at todayās prices and, often, at lower prices than the general market value of a āfinished productā. On the flip side, disadvantages of buying off-the-plan include buying a property where the end product may differ from the draft plans included in the contract.
To make matters worse, unfortunately, there is no āstandardā contract for sale for off-the-plan contracts and so these types of contracts can contain a number of unusual clauses. The major change in the Conveyancing (Sale of Land) Regulations 2019 (NSW), in addition to increasing the cooling off period from 5 business days to 10 business days, is to provide some uniformity to off-the-plan contracts by requiring that they include specific disclosure statements in a standardised form.
A disclosure statement is essentially a one page summary of specific details and attaches certain documents required by the new regulations, which include a:
Before a purchaser signs an off-the-plan contract, a disclosure statement must be attached to the contract and, failure to attach a disclosure statement, entitles the purchaser to ārescindā (or cancel) the contract within 14 days of signature date.
Further, if there is a change to a āmaterial particularā of the property, the developer of the property must serve the purchaser with a ānotice of changesā at least 21 days before completion of the off-the-plan contract. Ā A āmaterial particularā includes a change in the draft plan of the property, its draft by-laws, schedule of finishes, strata management statement and strata development contract.
Service of a ānotice of changeā may trigger a purchaserās right to rescind the contract in 14 days or claim compensation (up to 2% of the purchase price) from the developer. However, the purchaser may only rescind if, as a result of the change in the āmaterial particularā, the purchaser would have not entered into the off-the-plan contract and he or she would be materially prejudiced.
If you are buying off-the-plan or receive a ānotice of changesā, you should seek advice on the contract and your rights. If you are selling by way of an off-the-plan contract, it is important that you reissue all contracts issued prior to 1 December 2019 with the new disclosure statements and prescribed documents. We have years of experience with off-the-plan contracts and dealing with residential property issues and are always happy to assist.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.