Off the Plan – buyers beware of Sunset Clauses
Whilst signing an “Off The Plan” (OTP) Contract and paying a deposit is a real commitment, purchasers need to be aware of their rights and obligations. Clients need to be fully informed. A starting point is the contract is conditional upon the vendor / developer completing the construction and registering the plan of subdivision in […]
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 […]