The Property Occupations Act came into effect from 1 December 2014.
This legislation replaced Property Agents and Motor Vehicles Act 2000 in relation to residential property. Any new contract that is formed for property intended for residential purposes now needs to comply with this new Act.
Contracts entered into prior to 1 December 2014 remain valid but care needs to be taken where contracts were drawn prior to 1 December 2014 but not completed; e.g. off the plan contracts.
The form of the contract has changed with the removal of the Warning Statements and the Body Corporate and Community Management Act Form 14 and other streamlined procedures.
Despite these changes, the consumer safeguards including the 5 business day cooling-off period were retained.
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