CERA have announced a change in deadline for residential red zone property owners:
- who have requested a zoning review; AND
- whose offer is due to expire before the end of October 2012
Red zone property owners who have requested a review of their zoning and whose Crown offers are due to expire before the end of October 2012, have been granted an extension to the time limit to accept the Crown offer to purchase their red property.
We recognise that the Crown is directly responsible for the timing of the review process and that property owners are unable to make an informed decision about the Crown offer to purchase their property until they are advised of the review outcome. To address this, should the review find that their property remains red zoned, the Government has agreed that their offer period will not expire until 31 October 2012. That means property owners who have requested a review will have until 31 October 2012 to accept the Crown offer by submitting a signed Agreement for Sale and Purchase to the Crown via their lawyer.
You can find the information on the CERA website here, towards the bottom of the page. It also states there that results of the zoning reviews are expected to be available by the end of August.