Stronger Property Laws for the Territory
Source: NT. Minister for Justice and Attorney General
"Under the proposed bill 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. The intent of the proposed 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."