(02) 9555 1350
Looking to buy a unit or house which has not yet been built or is only partially built?
What you need to know.
Point 1 – Firstly, you need to know what you are buying.
Identifying the property in the contract is the first step in determining what you are contracting to buy. Because the building has yet to be built, and the vendor presents you with a concept of what is proposed to be built. This means it is vitally important that the contract has a thorough description of what is being sold.
The point is to ensure that what you will be contracted to buy meets your expectation so that what you thought you were buying matches up to what is actually built. We do this by examining the contract terms, and by comparing the plans and specifications attached to the contract.
Point 2– You need to know the boundaries of the unit you are buying and the strata rules (by-laws).
We will show and explain to you the boundaries of your lot (the unit you are looking to buy), compared against the common property in the draft plans.
We also explain your basic responsibilities as a member of the owners corporation when the strata scheme comes into existence and the proposed by-laws that occupants of the building will need to comply with.
The point is to ensure that what you will be contracted to buy meets your expectation so that what you thought you were buying matches up to what is actually built. We do this by examining the contract terms, and by comparing the plans and specifications attached to the contract.
Point 3 – What about Defects?
When and how can I report defects and problems in the unit I have just purchased?
Did you know that most contracts require you to complete (pay money) even when there are still certain defects?
Another issue are those relating to defects. In our experience, defects, whether cosmetic, minor or significant have the potential to become problematic for new owners. We can help you identify the rights that you have, the time limits and the manner to …which they can be raised according to your rights in the contract and the relevant legislation so that you understand your rights. The point is to ensure that what you will be contracted to buy meets your expectation so that what you thought you were buying matches up to what is actually built.
If you are buying off the plan call us on 9555 1350. Who you choose to do your conveyancing will make a difference.