The ACT Government has opened consultation on the laws protecting off-the-plan home buyers from unfair contract cancellations.
In 2021 the Government amended the Civil Law (Sale of Residential Property) Act 2003 to prevent property developers or sellers from cancelling or rescinding off-the-plan contracts unfairly. The Government committed to reviewing the changes after 2 years to make sure they are fit for purpose.
A consultation paper ‘Review of laws protecting off-the-plan home buyers from unfair contract cancellations’ is available on the ACT Government’s
People who have been involved in buying or selling off-the-plan property are encouraged to provide feedback by making a submission or completing a short survey.
“We want to hear from those who have experience with buying and selling off-the-plan properties, to make sure that our current laws are working for them,” Attorney-General Shane Rattenbury said.
“These protections were introduced in 2021 in response to concerns that property developers may have been rescinding contracts to take advantage of rising property prices. Now, if a seller is cancelling a contract under a sunset date or delay event rescission clause, they need to get consent from the buyer or an order from the Supreme Court.”
Consultation on the review of off-the-plan property contract laws closes on 20 May 2024.
