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Part 10 of the Property Agents and Land Transactions Act 2005 requires vendors of land or their agents to give information to prospective purchasers when advertising land for sale and provides for cooling-off periods in residential sale contracts.
The draft Property Agents and Land Transactions Amendment Regulations 2010 set out in detail the vendor disclosure information that must be provided to prospective purchasers.
The new vendor disclosure scheme will commence during 2011, once public comment has been considered.
