Vendor disclosure changes halted

By Reporter 10 September 2012 | 1 minute read

Changes to vendor disclosure legislation have been suspended in the Northern Territory to avoid slowing down property transactions, according to attorney general John Elferink.

Having signed a revocation notice on Friday afternoon to prevent the Act from beginning in October, Mr Elferink explained that it would be an unnecessary change.

“The legislation would have put enormous pressure on ordinary Territorians who wanted to sell their home,” he said.

“It would have increased the time it takes to sell a dwelling and put the onus on vendors to lodge paperwork that would do nothing to stop gazumping but a great deal to slow down property movements.”

The changes would have made it necessary for sellers to have their paperwork ready prior to putting their property on the market, including building reports, title certificates and similar details.

Building and pest reports were not included, however any flood zoning and soil problems would need to be identified.

The changes would not have been across the entire Territory, with only areas including Darwin, Palmerston, Litchfield, Coomalie and Alice Springs councils identified.

The legislation will now be “put under the microscope” he said.

RELATED TERMS

Vendor

A vendor is a seller of a property that they own or selling on behalf of another person, receiving payment from the buyer.



Vendor disclosure changes halted
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