The Criminal and Other Legislation Amendment Bill 2011 has recently been introduced into Parliament with the aim of amending a number of Acts, including sections 27 and 28 of the Land Sales Act 1984.
Under the existing provisions, a Buyer of residential property who has entered into an Contract to purchase a proposed lot, has the right to cancel the Contract if a registrable instrument of transfer is not given to the Buyer within 3½ years after the making of the Contract.
Under the proposed amendments, the Developer will be able to specify a longer period in the Contract of up to a maximum of 5½ years. Where no time is specified, a default period of 3½ years will apply.
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