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OtherLouis WhiteTue 16 Nov 21

[+] Size Matters: Court Decision Puts Victorian Developers on Notice

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A recent Victorian Supreme Court decision ruling in favour of purchasers of an off-the-plan residential development has caused unrest among developers.

The decision found that a variation in the size of a lot, less than the 5 per cent tolerance rule, materially affected the lot in question—entitling the buyer to rescind an off-the-plan contract.

“I think the 5 per cent tolerance rule is fundamentally misunderstood,” SLF Lawyers property partner Brendan Hoogenbosch says.

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ResidentialAustraliaMelbournePolicySector
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Louis White
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Article originally posted at: https://www.theurbandeveloper.com/articles/developers-material-change-can-terminate-contracts-victoria