The Home Building Act changed
on 15 January 2015.
These changes to
owner-builder laws pose significant implications for Purchasers who are looking
to acquire newly developed properties:
- A Purchaser will no longer have the benefit of making
claims under the Home Owner's Warranty Insurance scheme where the property
has been erected by an owner-builder. This limits a Purchaser's recourse
for defects in most cases to solely against the owner-builder; and
- A Vendor has the obligation to disclose that the
property was owner-builder developed and that no Home Owner's Warranty
Insurance applies to the improvements erected upon the property; in the
event that the Vendor decides to sell such property during the period 7
years and 6 months after the date of owner-builder permit being issued.
Level 11, 65 York Street,
Sydney, NSW 2000
Mail: GPO Box 1849,
Sydney, NSW 2001
M: 0481 287 528
E: info@gandblawyers.com.au
W: www.gandblawyers.com.au
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