Australian Property News
Time extension for Queensland developers
Posted on Wednesday, December 07 2011 at 12:54 PM
The time requirement for off-the-plan unit buyers in Queensland to receive their registrable transfer might be extended from 3.5 years to 5.5 years if a proposed Bill is passed, according to the Property Council of Australia (PCA).
Amendments to the Land Sales Act 1984 and Land Sales Regulation 2000 have been introduced to Queensland Parliament under the Criminal and Other Legislation Amendment Bill 2011 (COLA).
Amendments to parts nine and 10 of the COLA Bill would allow the developer more time to transfer the property to the buyer, as long as the date is specified in the contract.
The PCA said if a date isn’t specified then a default period of 3.5 years would apply.
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Recent articles:
Industry declares war on government
Solution demanded to stop soaring strata insurance
Tasmanian Budget reveals stamp duty rise
Brisbane and Gold Coast new apartment sales on the increase
Is now the time to buy in the US?
Queensland property market on the rise
