Recent reforms have given greater protections to purchasers of residential properties off the plan. Nevertheless, there are still important due diligence steps that need to be taken. This session will look at the risks of buying off the plan, and what you need to advise your client, including:

• An update on the regulatory regime and what transactions are covered
• The new disclosure statement – what’s in it and what to look for
• Changes from contract to completion – what are the developers and purchasers’ rights and obligations?
• When can a purchaser cancel a contract or claim compensation? What constitutes a material particular?
• When can a developer cancel a contract and what remedy does the purchaser have for failure to complete?
• Sunset clauses and construction delays and their impact on a purchaser
• Contract for the Sale and Purchase of Land amendments for OTP transactions
• Will the reforms address the imbalance or deter developers? A look at the future of OTP transactions and what developers might do to minimise their risks