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Legal developments concerning residential off the plan sunset date clauses

Since November 2015, amendments to the Conveyancing Act 1919 (NSW) have been in place which qualify a vendor’s ability to rescind contracts for residential off the plan property after the expiry of their “sunset” deadlines.

The amendments have now had time to mature and with several judgements that have since been handed down, it is apparent that the changes have had their intended effect.

Purchasers can now take greater comfort when faced with the uncertainty of residential developments completing in time and the potential opportunity cost associated with buying off the plan residences.

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