{"id":28760,"date":"2024-08-29T11:51:51","date_gmt":"2024-08-29T11:51:51","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=28760"},"modified":"2024-08-29T11:51:51","modified_gmt":"2024-08-29T11:51:51","slug":"off-the-plan-property-purchase-changes-have-protected-buyers-from-unfair-contract-cancellations","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2024\/08\/29\/off-the-plan-property-purchase-changes-have-protected-buyers-from-unfair-contract-cancellations\/","title":{"rendered":"Off-the-plan property purchase changes have protected buyers from unfair contract cancellations"},"content":{"rendered":"\n

Keeping contracts secure and developers accountable are just some the ways the ACT is instilling confidence in off-the-plan home buyers, a recent review has confirmed.<\/strong><\/p>\n\n\n\n

The review of the Civil Law (Sale of Residential Property) Act<\/em> 2003<\/em> confirmed the effectiveness of 2021 reforms that safeguard buyers from unfair contract cancellations. Under the reforms, sellers must obtain the buyer\u2019s consent, or a Supreme Court order, before they can cancel contracts under sunset or delay-event clauses.<\/p>\n\n\n\n

Attorney-General Shane Rattenbury said the reforms are working as intended based on the review, which included extensive public consultation.<\/p>\n\n\n\n

\u201cBuying a home can be a daunting and complex process in itself; buyers shouldn\u2019t need to contend with unfair contract cancellations as well,\u201d said the Attorney-General.  <\/p>\n\n\n\n

\u201cThis review shows our 2021 reforms are making a real difference by improving the fairness and transparency in the market. We\u2019ve listened to the community, and we\u2019re pleased to see these reforms have delivered increased protections for homebuyers.\u201d<\/p>\n\n\n\n

Key findings of the review include:<\/p>\n\n\n\n

  1. The reforms have led to a decrease in the number of rescissions, providing greater certainty for buyers.<\/li>
  2. Consumers and industry stakeholders generally agree the changes have improved protections for buyers.<\/li>
  3. There is a desire for further protections, including enhanced pre-settlement inspections and clearer communication about delays.<\/li><\/ol>\n\n\n\n

    The government will consider these recommendations as part of its ongoing commitment to a balanced and equitable property market.<\/p>\n\n\n\n

    \u201cWe value the feedback we\u2019ve received from the community and will continue to monitor the effectiveness of these reforms,\u201d said Attorney-General Rattenbury. \u201cWe\u2019re also exploring additional measures to further strengthen consumer protections and ensure a fair playing field for both buyers and sellers.\u201d<\/p>\n\n\n\n

    The Listening Report \u2013 Public consultation on unfair contract recission terms<\/em> is available here: https:\/\/yoursayconversations.act.gov.au\/download_file\/11633\/3316<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Keeping contracts secure and developers accountable are just some the ways the ACT is instilling confidence in off-the-plan home buyers, a recent review has confirmed. The review of the Civil Law (Sale of Residential Property) Act 2003 confirmed the effectiveness of 2021 reforms that safeguard buyers from unfair contract cancellations. Under the reforms, sellers must obtain the buyer\u2019s … Continue reading “Off-the-plan property purchase changes have protected buyers from unfair contract cancellations”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-28760","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=28760"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28760\/revisions"}],"predecessor-version":[{"id":28761,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28760\/revisions\/28761"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=28760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=28760"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=28760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}