Buying Off The Plan?
A new Federal unfair terms regime has now been introduced to protect people buying their home off the plan.
Contract terms that may be rendered void by the new law would include:
(a) a term that allowed the developer to change the location, size or the standard of finishes of the unit; or
(b) a term that allowed the developer to terminate the contract at its discretion.
So developers may need to consider having two standard contracts, one for sales to corporate buyers and investors and another for home buyers. The latter will be protected by the unfair terms regime.