According to the Mayan calendar 2012 will be a bad year, as the Mayans claim it will be the end of all days. However, for developers there is some rather positive news for 2012 (as long as the Mayans aren’t right after all).
Changes made to the Land Sales Act 1984 (Qld) (LSA) by the Sustainable Planning & Other Legislation Amendment Act 2011 are vitally important to developers involved in off-the-plan contracts in Queensland.
The amendments to the Land Sales Act now limit a buyer’s right to void the contract where the seller has not given transfer in the correct timeframe due to buyer’s default.
Future amendments in relation to sunset dates (yet to be passed), will allow developers to specify in the contract the time for giving the registerable instrument of transfer to the buyer (the time by which settlement is to occur), which may be up to a maximum of 5.5 years from the contract date.
The current and proposed amendments to The Land Titles Act (Qld) will reduce red tape for developers and have been welcomed by the development industry.
Let’s hope the Mayans are wrong, so developers can enjoy the positive change in the Act for at least a little while.
What do you think of the change in the Act? Discuss in the comment field below!