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Article: Install Smoke Alarms or Lose Your Buyer: NSW Regulations.(New South Wales)
- Article from:
- Mondaq Business Briefing
- Article date:
- July 25, 2006
CopyrightCOPYRIGHT 2006 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Vendors must now ensure that their property has compliant smoke alarms, or risk losing their sale contract.
The Conveyancing (Sale of Land) Amendment (Smoke Alarms) Regulation 2006 will affect all contracts for sale of residential property and some contracts for sale of commercial property. It provides that every contract must have attached a statement by the vendor that the building complies with the new regulations on smoke alarms.
If this statement is not included in the contract, the purchaser may rescind the contract any time within 14 days of the date of exchange of the contract. If the statement is incorrect, the vendor may be fined up to $550, ...