Currently, the NSW government is having a review into Residential Off the Plan & Covenants.
Key issues over Residential Off the Plan – Vendor disclosures, sunset clauses & sunset date extensions.
Lack of updates from Vendor developers, especially on issues and problems that would cause delay, to the expected practical completion & settlement time frame.
Defects – In the conveyancing and legal industry, it is a common observation, that a strata residential apartment purchaser has very limited consumer protection over defects. A common saying “a white good from Havery Norman has much better consumer protection than a residential apartment off the plan”.
For Covenants, older New South Wales property titles tend to have old & obsolete conventions that should be removed, on application by the owner or purchaser.
For example of old and defective covenants –
• Covenant about, cannot erect a dwelling for less than 100 pounds.
• Covenant relating to back houses (old, separated toilets).
• Covenant relating to horse & cart with milk supplies can only park beside the house and not park in the field with crops.
Such a review is welcomed and improvements needed for property transactions and dealings.
For further information – https://www.haveyoursay.nsw.gov.au/offtheplan-contracts-covenants
