The Northern Territory has unveiled new property laws that will make the sale of property more transparent and expedient.
Under the proposed legislation, a person selling land or property must provide a contract of sale and disclose relevant documents and information when land or property is offered for sale.
“This proposed bill will ensure that buyers have relevant information as soon as a property is placed on the market,” minister for justice and attorney general Delia Lawrie said.
“The intent of the bill is to ensure prospective buyers of property have access to the same information as the vendor.
“That means that a buyer can make an informed assessment and enter into a contract to buy sooner and will reduce the likelihood of the practise, known as gazumping.
“If a vendor doesn’t disclose the appropriate information could face prosecution and a fine of up to $13,000.”