Developer update: Changes to laws affecting off-the-plan contracts

We reported last year that the Victorian Parliament was considering proposed changes to the Sale of Land Act 1962 (Vic.) (Sale of Land Act) concerning off-the-plan contracts of sale as part of a second phase of reforms flowing from the Consumer Affairs Legislation Modernisation project. The Consumer Affairs Legislation Amendment (Reform) Act 2010 (Vic) (Act) received royal assent on 28 September 2010, and the majority of the proposed changes will soon be law.