Changes to sale of land laws under the Sale of Land Amendment Act 2019 are now in effect.

From 1 March 2020:

• Vendors and agents cannot knowingly conceal any material facts about a property when selling land
• Vendors and agents cannot hold public auctions of land before 1pm on Anzac Day, with fines of over $16,000 for non-compliance
• There is greater protection for people who purchase options to buy land as part of a land banking scheme, including a requirement that money paid be held in trust pending the registration of a subdivision plan
• There is a ban on some rent-to-buy arrangements, as well as new offences relating to terms contracts, with potential jail time for those who disobey the laws.

Find out more about the new Regulations and Material Fact Guidelines here.