Property
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Ɛſşŕīĕſ żſşƐĕĈƐĶşŕƆ Īşſ ćƖƷĶŕī şǔ ƐIJĕ żōëŕ m É IJşŔĕ ćƖƷĕſƆ żƖſĈIJëƆĶŕī ſĕƆĶĎĕŕƐĶëō żſşżĕſƐĶĕƆ şǔ ƐIJĕ żōëŕ ƱĶōō ćĕŕĕǕƐ ĪſşŔ ƆƐſşŕīĕſ żſşƐĕĈƐĶşŕƆ ƖŕĎĕſ ŕĕƱ ōëƱƆ ĕŕĎşſƆĕĎ ćƷ ëſōĶëŔĕŕƐ ōëƆƐ ƱĕĕŊȂ ¨IJĕ ĈIJëŕīĕƆ Ɛş ƐIJĕ !şŕưĕƷëŕĈĶŕī ĈƐ ëǔĕĈƐ ĎĶƆĈōşƆƖſĕƆǽ ĈşşōĶŕīȒşǔ żĕſĶşĎƆǽ IJşōĎĶŕī şĪ ĎĕżşƆĶƐƆǽ ëŕĎ ƆƖŕƆĕƐ ĈōëƖƆĕƆȂ Minister for Finance, Services and Property Victor Dominello said 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, which accounts for about 12 per cent of all residential property sales in NSW. ‘Buying off the plan has become more popular among first home buyers in recent years. While it works well in most cases, we’ve all heard the horror stories when things go wrong,’ Mr Dominello said. ‘The new laws will bolster existing protections for buyers by establishing minimum disclosure
standards and ensuring that developers are held accountable for delivering what they promised at the time of purchase. ‘We have also given the Supreme Court additional powers to stamp out misuse of sunset clauses by developers.’ 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 affected 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 reforms follow a public consultation and are supported by
BANGALOW
stakeholders including the Owners Corporation Network and the Law Society of NSW. For more information visit www.registrargeneral.nsw. gov.au. The key considerations buyers should make before any purchase are the same for every property no matter what the stage of the build. Condition of the property, market value, and contract conditions are all important factors buyers need to be aware of, and it would be the same for (semi-constructed) off-the-plan purchases. The prospect of capital growth influenced by proximity to amenities and whether there is an oversupply of similar stock in the area should be seriously considered. Buying mid-construction one also needs to bear in mind: • quality of work • is the building going to schedule? • the reputation of the developer and builder • are there conditions relating to
the purchase (eg stamp duty concessions)? • that parts of the build can still change between purchase and completion. Obviously it is recommended to only deal deal only with reputable developers and recruit the help of a good lawyer or financial adviser to help with the buying process and to leave yourself plenty of wriggle room. Make sure that you are only buying what you can comfortably afford; and it is always worth trying to have a contingency plan if things go wrong if you need to exit the purchase.
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We have the perfect level property - ƚŚĞ ƵůƟŵĂƚĞ ͞TREE CHANGE͟ ŚŽŵĞ ĨŽƌ ĨĂŵŝůŝĞƐ Žƌ ƌĞƟƌĞĞƐ ĂůŝŬĞ͊ dƵĐŬĞĚ ĂǁĂLJ ŝŶ ŽŶĞ ŽĨ ĂŶŐĂůŽǁ͛Ɛ ƋƵŝĞƚĞƐƚ ĐƵů-ĚĞ-ƐĂĐƐ͕ ŝƐ ƚŚŝƐ ŐŽƌŐĞŽƵƐ ĨƵůůLJ ƌĞŶŽǀĂƚĞĚ͕ ůŽǁ ŵĂŝŶƚĞŶĂŶĐĞ ŶĂƚƵƌĂů ůŝŵĞǁĂƐŚĞĚ͕ ďƌŝĐŬ Θ ƟůĞ͕ ƐŝŶŐůĞ ůĞǀĞů ŚŽŵĞ ǁŝƚŚ Ă ůĂƌŐĞ͕ ůĞǀĞů ƉƌŝǀĂƚĞ ƌĞĂƌ LJĂƌĚ͘ dŚŝƐ ƉƌŽƉĞƌƚLJ ŚĂƐ ďĞĞŶ ƚŚƌŽƵŐŚ Ă ƚƌĂŶƐĨŽƌŵĂƟŽŶ ŝŶĐŽƌƉŽƌĂƟŶŐ ƟŵĞůĞƐƐ ŵŽĚĞƌŶ ĚĞƐŝŐŶ ǁŝƚŚ ƐƚLJůŝƐŚ͕ ůŝŐŚƚ ŝŶƚĞƌŝŽƌƐ - ďĞŚŝŶĚ Ă ŶĂƚƵƌĂů͕ ůŝŵĞǁĂƐŚĞĚ ĮŶŝƐŚĞĚ ďƌŝĐŬ - ŵĂŬŝŶŐ ĨŽƌ ůŽǁ ŵĂŝŶƚĞŶĂŶĐĞ ĞĂƐLJ ůŝǀŝŶŐ͘ tŝƚŚ Ϯ ƐĞƉĂƌĂƚĞ ůŝǀŝŶŐ ĂƌĞĂƐ Θ ƚŚĞ ŽƉĞŶ ƉůĂŶ ŬŝƚĐŚĞŶ ĚŝŶŝŶŐ ŇŽǁŝŶŐ ƚŽ ĂŶ ƵŶĚĞƌĐŽǀĞƌ ĐŽƵƌƚLJĂƌĚ͕ ƚŚĞ ϰ ďĞĚƌŽŽŵ ŚŽŵĞ ŽīĞƌƐ Ă ƐĞĂŵůĞƐƐ ŝŶĚŽŽƌͬŽƵƚĚŽŽƌ ůŝĨĞƐƚLJůĞ͘ ƵĐƚĞĚ ƌĞǀĞƌƐĞ ĐLJĐůĞ Ăŝƌ ĐŽŶĚŝƟŽŶŝŶŐ ƉƌŽǀŝĚĞ LJĞĂƌ ƌŽƵŶĚ ĐŽŵĨŽƌƚ ǁŚŝůƐƚ ĨƵůů ůĞŶŐƚŚ ǁŝŶĚŽǁƐ ƉƌŽǀŝĚĞ ĂŵƉůĞ ŶĂƚƵƌĂů ůŝŐŚƚ Θ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĂĚĚ ďŝ-ĨŽůĚ ĚŽŽƌƐ ƚŽ ŇŽǁ ƐƚƌĂŝŐŚƚ ŽƵƚ ƚŽ ƚŚĞ ďĂĐŬ LJĂƌĚ͘ dŚƌŽƵŐŚ ĂĐĐĞƐƐ ĨƌŽŵ ƚŚĞ ĚŽƵďůĞ ůŽĐŬ ƵƉ ŐĂƌĂŐĞ ƚŽ ďŽƚŚ ƚŚĞ ƌĞĂƌ LJĂƌĚ Θ ŚŽŵĞ͘ dŚĞ ŵĂƐƚĞƌ ďĞĚƌŽŽŵ ǁŝƚŚ ǁĂůŬ ŝŶ ƌŽďĞ Θ ĞŶ-ƐƵŝƚĞ ƐŝƚƐ Ăƚ ƚŚĞ ĨƌŽŶƚ ŽĨ ƚŚĞ ŚŽŵĞ ƉƌŽǀŝĚŝŶŐ ǁŚĂƚ ĨĞĞůƐ ůŝŬĞ Ă ƉƌŝǀĂƚĞ ƉĂƌĞŶƚ ƌĞƚƌĞĂƚ ǁŝƚŚ ƚŚĞ ϯ ŽƚŚĞƌ ďĞĚƌŽŽŵƐ ƚŽ ƚŚĞ ƌĞĂƌ͘
KEd d͗ DĂƌLJ K͛ ŽŶŶŽƌ Ϭϰϭϴ ϰϲϮ ϴϰϵ
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