Off the Plan Sales – Sunset Clauses
Wrong sunset date Every off the plan contract of sale has a sunset clause in which to register the plan of subdivision, the penultimate step prior to settlement. The default or statutory period of 18 months applies, if another sunset date has not been stipulated. It is the vendor’s solicitor who prepares the off-the-plan contract.
Lenders must develop ID verification policies for electronic conveyancing
A precursor to a modern electronic titling and conveyancing system is verified identity of the title holder. The paper duplicate title will vanish over time. Failure to take reasonable steps to verify the identity of a mortgagor in an electronic conveyancing process may result in the mortgage being deregistered. This is the approach being taken […]