Earlier this week, both the Government and the Opposition introduced their Civil Law (Sale of Residential Property) Amendment Bill 2021 into the Legislative Assembly. This legislation, if passed, will essentially require a developer to apply to the ACT Supreme Court for permission to rescind an off-the-plan contract.
This legislation has been introduced in response to recent media reporting. Master Builders ACT issued a media release, which you can read here, calling on the Government to allow proper consultation with industry, the legal profession, and financiers, before such wide-reaching and retrospective reform was introduced. Unfortunately, that has not happened.
We will continue to engage with the Government and the Opposition on the proposed legislation. If you would like to discuss this with our team, please contact Ashlee Berry (email@example.com).