New South Wales Consolidated Regulations New South Wales Consolidated RegulationsA developer is exempt from the requirements of section 96A of the Act if--
(a) work under a contract for the carrying out of residential building work entered into by the developer has not commenced when a contract of sale is entered into for the sale of the land on which the residential building work is to be done, and
(b) the contract of sale contains provisions--(i) informing the purchaser of the land under the contract that the exemption applies, and(ii) informing the purchaser that the Act requires residential building work (whether or not done under a contract) to be insured, and(iii) requiring the developer or any assignee of the developer's rights under the contract to provide a certificate of insurance in respect of any residential building work (as required by section 96A (1) of the Act) to the purchaser within 14 days after the contract of insurance in respect of that work is made, and(iv) enabling the purchaser to rescind if the developer or any assignee of the developer fails to provide the certificate of insurance within that period of 14 days.