Recorded Webinar: Risk or Reward? Advising Clients on Off-the-Plan Contracts (Vic)

Off-the-plan purchases bring with them a considerable amount of risk, to both vendors, purchasers and their advisers. The unavailability of a physical inspection together with the time delay between contract and settlement introduces a considerable degree of uncertainty into the situation, despite the requirements of the legislative framework. This session will explore these risks and what conveyancers should be advising their clients, including:

• Background to the introduction of the legislative reforms

• Key essentials for advising a purchaser about off-the-plan purchases, including:

• delays in completion
• vendor insolvency
• changes to the plan and substitutions
• material and non-material changes
• valuation, finance and approval risks

• What the vendor needs to know including:

• sunset clauses
• other rights for vendors to terminate contracts
• deposits
• Avoiding terms contracts issues for multiple payments
• consequences of failure to complete

• When can a purchaser rescind the contract?
• Taking instructions from your client – what are they buying or selling?
• What should a conveyancer’s letter of advice to their client include?
• What should you be asking a vendor?
• Strategies for negotiating amendments to the contract of sale to protect your client
• Tips for actively managing the process over the extended time between contract and settlement
• Recent cases and examples.