Certain apartment buildings attract extra protection, being residential apartment buildings classified under the Building Code of Australia as the relevant class and above a set height.
Under section 9ADA the vendor must not require or permit the buyer to take possession of the lot before an occupancy permit has been issued for the lot or the part of the building containing it. Under section 9AEA the buyer may rescind the contract and recover all money paid, including the deposit and penalty interest determined under the Penalty Interest Rates Act 1983, if the developer has not arranged a developer bond, or has arranged one securing less than the amount required under the Building Act 1993.
These sit alongside the general off the plan protections, the sunset rules under sections 10A to 10F, and the owners corporation insurance obligation under section 9AAA.
CMK Legal's property and conveyancing team can act on matters like this.
The developer bond regime funds rectification of defects, so its absence is a serious matter that can justify ending the contract. Possession before an occupancy permit is not permitted for these buildings.
Law referenced: Sale of Land Act 1962 ss 9ADA, 9AEA, 9AAA; Building Act 1993; Penalty Interest Rates Act 1983.