Conveyancing
It is not uncommon for co-owners to have disputes over property. When these disputes occur, a co-owner may apply to the Supreme Court for the property to be held on the statutory trust for sale or partition. Part 4, Division 6 of the Conveyancing Act 1919 (the “Act”) outlines the relevant provisions for this application. The Court usually makes this order unless special circumstances exist. This article focuses on the statutory trust for sale.
Buying a strata apartment "off the plan", i.e. based on drawings and specifications, before it has been built, can go wrong, but there are potentially things you can do to protect your position.
It is extremely important for any prospective purchaser to undertake enquiries and due diligence prior to purchasing a property. Pre-purchase inspection reports are crucial to ascertain the condition of a property and can usually be commissioned at a low cost. It is frustrating for any purchaser to find out that the property they have just bought has defects present which were not noted in the pre-purchase inspection report.
Sale of strata apartments “off the plan”, i.e. before they are built, are common with new developments. In a rising market, purchasers are keen not to miss out or to lock in a price which they expect to be less than the value of the apartment when completed.
However, in the current market, purchasers of apartments in unfinished buildings may be regretting their purchase and looking to a way out of the contract, especially given that they:
Sale of strata apartments “off the plan”, i.e. before they are built, has long been common with new developments. Developers typically require pre sales to satisfy lending requirements. Purchasers have historically been keen not to miss out or to lock in a price which they expect to be less than the value of the apartment when completed. However, in the current market, purchasers may have lost that enthusiasm and be looking to a way out of the contract.
Owners often find themselves in the position where they purchase a unit off the plan, only to discover that there are items missing or there are defects present (i.e. cracking to the cupboards).
The purchase of a home will probably be the most significant commitment to expenditure many of us will ever make. No sensible person enters into such a transaction without qualified legal advice and representation on the conveyance. And yet, when it comes to the construction or refurbishment of a home, owners all too often accept a building contractor’s terms without obtaining legal advice. Even where the price for the building work amounts to a six or seven figure sum the cost of an independent legal review of the proposed contract will routinely fall between $2,000 - $5,000; a cost effective and sensible precaution given the frequency with which construction work can go awry.
Changes to the Swimming Pools Act 1992 and regulations come into force on 29 April 2016 and will have a direct impact on the sale, purchase or lease of properties with a swimming pool or outdoor spa.
Since 29 October 2013, all pool owners have been required to register their pools on the NSW Government swimming pool register website. Pool owners are now required to provide a certificate of compliance or occupation certificate for the pool or outdoor spa at the time of selling or leasing their property.
On 24 November 2015, the Conveyancing Amendment (Sunset Clauses) Act 2015 ("the Act") was assented to by the NSW Parliament and came into force. The preamble states that it is an Act "to prevent a developer from unreasonably rescinding an off the plan contract for a residential lot under a sunset clause."
Strong pressure on Sydney property prices and an acute shortage of suitable development sites has made it possible for neighbours acting together to achieve excellent prices for properties which in aggregate represent a suitable development site. This is illustrated by the recent sale of nine St Leonards houses, which were sold for more than $66 million to a Hong Kong based investor.
