Recorded Webinar: Off the Plan Sales: What Your Client Needs to Know (Vic)

The increase in apartment building development has resulted in a raft of new laws designed to provide greater regulation and protection to both developers and purchasers. This session provides a guide for conveyancers acting for either a vendor or purchaser and highlights particular issues of risk for each, including:

• Regulation of OTP sales in the Sale of Land Act
• Benefits to a purchaser of buying off the plan
• Risks to a purchaser of buying off the plan
• What advice should you give to your purchaser client?
• Drafting a letter of advice for an OTP purchaser – key essential
• What your developer vendor needs to know:
  • obligations for the deposit
  • plan of subdivision registration time limits
  • ending a contract under a sunset clause
• Keeping abreast of timelines, milestones and your client’s obligations
• Advising a purchaser on right of rescission – what constitutes a material change
• What to do if the builder can’t complete or becomes insolvent? Immediate steps for both vendor and purchaser
• Knowing when to advise your client to seek expert legal and financial advice