Land rent buyers: you’ve exchanged a contract with the LDA for a block in Moncrieff—4 things you need to know

We are acting for the Land Development Agency (‘LDA’) in relation to its sale of residential blocks in Moncrieff.

If you entered into a Land Rent Contract at the public ballot in November 2014 you will need to be familiar with the LDA’s Land Rent Contract Requirements.

4 new requirements in the LDA’s Land Rent Contract:

Financial advice

Obtain financial advice from a qualified financial advisor or practising accountant. Ask your advisor to sign the Financial Advice Certificate (at Annexure D of your Land Rent Contract) declaring that they have advised you in relation to the Land Rent Scheme and provide this to our office.

Provide to Meyer Vandenberg within 90 days from the date you exchanged your Contract.

Legal Advice

You must obtain legal advice on the Land Rent Contract and the Land Rent Scheme. You must sign a Statutory Declaration (at Annexure E of your Land Rent Contract) in front of your solicitor declaring that you understand the Land Rent Contract and your obligations under the Land Rent Act (ACT) 2008 and provide this to our office.

Provide to Meyer Vandenberg within 90 days from the date you exchanged your Contract.

CIT Land Rent Information Session

Attend a Land Rent Information Session through CIT and provide a copy of your Certificate of Attendance to our office.

Provide to Meyer Vandenberg within 90 days from the date you exchanged your Contract.

ACT Revenue Office Assessment

When Meyer Vandenberg advises you of your settlement date, you must apply to the ACT Revenue Office for a determination of your satisfaction of the Eligibility Criteria for Land Rent. This will be the subject of a further eBrief.

Once Settlement has been scheduled.

What are the implications for you?

LDA’s new approach to Land Rent requires you to obtain legal and financial advice within 90 days of exchange of contracts. However the LDA will reimburse you in the sum of $300 (including GST) on settlement. The purpose of these new requirements is to ensure that you are aware of your legal and financial obligations early in the process.

For more information contact the Property and Projects Team:

Stephanie Lynch — Partner — Property Projects
(02) 6279 4398
stephanie.lynch@mvlawyers.com.au