As you may be aware, new vendor disclosure obligations were expected to commence on 31 October 2012 that would have applied to most land sales in the Northern Territory.
However, Attorney General John Elferink announced on Friday that the commencement of the Sale of Land (Rights and Duties of Parties) Act 2010, the legislation underpinning the new vendor disclosure obligations, has been suspended indefinitely.
Please see the Attorney General's Media Release for full details.
We will continue to monitor these reforms and inform you of any developments regarding the commencement of the vendor disclosure obligations.
Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this bulletin. Persons listed may not be admitted in all states and territories.
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