In April 2022, the Incorporated Societies Act 2022 came into force, replacing the 114 year old Incorporated Societies Act 1908. The new Act is intended to modernise incorporated societies by setting out a framework of basic governance, legal and accounting obligations and to promote trust and confidence in societies. In particular, there is a focus on societies being run by, and being accountable to, their own members who are all working to achieve a stated purpose (and not for private gain).
‘Off-plan’ sale and purchase agreements are attractive to both vendors and purchasers.
The vendor bears the risk that the cost to complete the project increases after the agreement has been signed, however, by locking in the purchaser to a fixed price, they can predict sales revenue reasonably accurately before development begins, satisfying their funder that it is economically viable and helping them to secure finance.
Although the purchasers bear the risk of the development taking longer to complete than expected, leaving their deposit tied up for this period, it allows them to enter the market at the today’s price with the hope that the property will have increased in value by the time they move in.
These agreements typically include ‘sunset clauses’.
Following the implementation of new responsible lending rules in December, the news has been full of stories about the ways that our updated Credit Contracts and Consumer Finance Act (CCCFA) has impacted ordinary people.
Whether they are spending $187 on Christmas presents at Kmart, too much on a gym membership, or visiting their parents too often, mortgage applicants are being declined from all directions as banks struggle to abide by these new rules. Instead of protecting them from predatory lending, they’re restricting their access to necessary, even urgent, loans.
On January 23, 2022, the government announced a nationwide move to the ‘Red’ COVID-19 Traffic Light System.
Open homes and private property viewings can continue under the new system, however there are additional requirements to abide by.