NSW Conveyancing (Sale of Land) Regulation 2022
Regulation Part 2 Division 2 and Schedule 3: Implied terms (requisitions, land tax, off the plan, strata and house packages) – NSW Conveyancing (Sale of Land) Regulation 2022

NSW Conveyancing (Sale of Land) Regulation 2022 9-10: Off the plan contracts: implied compensation terms and the occupation certificate term for strata units

What does 9-10 require?

Every off the plan contract includes the Schedule 3 sections 4 to 6 terms: the purchaser who has a right to rescind under section 66ZO or 66ZP of the Act may instead claim compensation of up to 2 per cent of the purchase price within 14 days after receiving the notice of changes or the registered plan, the claim is determined by agreement or an arbitrator with the costs rules in section 5, and if unresolved at completion the claim amount is withheld from the vendor and held by the deposit holder until finalised (section 6). A contract for a strata lot entered into before registration of the strata plan or within 12 months after it, where an occupation certificate is required, includes the Schedule 3 section 7 term: the vendor must serve the occupation certificate for the building (or the part containing the lot and its access) at least 14 days before completion and the purchaser need not complete earlier than 14 days after service, unless the contract expressly provides that no certificate will issue before completion and occupation will not commence.

Maintained by Gerard Blokdyk

Other controls in Regulation Part 2 Division 2 and Schedule 3: Implied terms (requisitions, land tax, off the plan, strata and house packages) – NSW Conveyancing (Sale of Land) Regulation 2022

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