Keeping contracts secure and developers accountable are just some the ways the ACT is instilling confidence in off-the-plan home buyers, a recent review has confirmed.
The review of the Civil Law (Sale of Residential Property) Act 2003 confirmed the effectiveness of 2021 reforms that safeguard buyers from unfair contract cancellations. Under the reforms, sellers must obtain the buyer's consent, or a Supreme Court order, before they can cancel contracts under sunset or delay-event clauses.
Attorney-General Shane Rattenbury said the reforms are working as intended based on the review, which included extensive public consultation.
"Buying a home can be a daunting and complex process in itself; buyers shouldn't need to contend with unfair contract cancellations as well," said the Attorney-General.
"This review shows our 2021 reforms are making a real difference by improving the fairness and transparency in the market. We've listened to the community, and we're pleased to see these reforms have delivered increased protections for homebuyers."
Key findings of the review include:
- The reforms have led to a decrease in the number of rescissions, providing greater certainty for buyers.
- Consumers and industry stakeholders generally agree the changes have improved protections for buyers.
