What is a "Material Change" Affecting Off The Plan Sales?

The Supreme Court of Victoria has recently decided a case that highlights a number of issues for off the plan sales and developments in Victoria.

The Court addressed situations where purchasers are entitled to rescind off the plan contracts because of amendments to the plan of subdivision that will materially affect the lot which has been sold.

The decision demonstrates the Court's continuing shift toward protection of "vulnerable purchasers" in property transactions and emphasises the narrow scope for a developer to amend a plan of subdivision without jeopardising existing contracts.

Please see full alert below for more information.

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Topics:  Canada, Contract Drafting, Land Developers, Materiality, Sales Contracts, Vulnerable Victims

Published In: General Business Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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