The Criminal and Other Legislation Amendment Bill 2011, recently introduced into Queensland Parliament, amends the Land Sales Act 1984 so that the traditional 3.5 year 'sunset date' for settlement to take place when selling a proposed lot may now be extended to up to 5.5 years from the contract date. If the Amendment Bill is passed, there will be no need for a developer to first apply for and obtain an extension of the 3.5 year period.
Senior associate Angie Coleman and solicitor Lucy Elkins outline the key changes introduced by the Amendment Bill, and comment on their effect on the development industry, on our website.
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