When embarking on the journey of buying a residential property in Canberra, understanding the legal protocols is a must. Notably, the concept of a cooling-off period and the Section 17 Certificate hold significant importance. This certificate is vital when a buyer opts to shorten or waive the cooling-off period. But what happens if no such certificate is issued? Let’s dive deeper into these legalities.
The Australian Capital Territory (ACT) Government introduced new tenancy laws on November 1, 2019, which were designed to provide more security for tenants and to ensure that landlords could not take advantage of a tight rental market to extract higher rents or evict tenants without cause. These changes included limiting rent increases, establishing minimum standards for rental properties, and limiting the amount of rental bonds that could be charged.
Buying an off-the-plan property in Canberra has several benefits. You can potentially secure a new property at a lower price. You have the opportunity to personalize certain features. However, it is important to consider several factors before making a purchase.