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Are you affected by amendments to the Community Titles Legislation?

20 Aug 13

Changes to community titles legislation will commence on 28 October 2013.

However, you must be aware that some of these changes will impact on land agents as well as body corporate managers.

In particular, a person will be prohibited from selling a community titled lot ‘off-the-plan’ before the plan of community division is deposited unless the contract of sale provides that the deposit is to be held on trust by a specified legal practitioner, conveyancer or land agent.

If no plan has been deposited within the agreed time (up to a maximum of two years), the buyer can rescind the contract and recover the deposit.  If an agreed period is not specified, a default period of 6 months applies.

Make sure that you are aware of these requirements if you are planning on selling such a property.