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Date: 27 October 2012 Presenter: Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title Contact details: mail@makdap.com.au 02 9233 9018

Owners Corporation Network

Buying off the Plan Trust me - I’m a Developer

Who is the Vendor?

• Research the reputation of the developer
• Research the reputation of the builder
• Ask for addresses of previous projects
• Visit those projects, and talk to residents if you

can about their experience

What are you buying?

• Study the contract and the plan of the lot you

are purchasing

• Be aware of what alterations a

developer/vendor can make to the contract

• Changes made by the developer/vendor can

actually change what you are buying

What are you buying?

• Ask vendor for a copy of the Development

Application and Development Consent so you know what the developer was permitted to build Practical example – car park issues

• Note the clauses in typical contracts which

give the developers many ‘outs’ so in reality you may not know what you are buying

Structure of the Strata Scheme

• Is it a mixed use development?
• Do the by-laws provide for exclusive use areas
• r make special provision for commercial/retail?
• Is there more than one strata scheme with a

strata management statement?

• If so, what are the Shared Facilities and Shared

Costs?

DEFECTS – There will be some

• What are they?
• Where are they?
• How to deal with them?
• Is there insurance under the Home Building

Act?

• How High is Your Building? Is it Over 3

Residential Storeys? The Owners – Strata Plan

• No. 75903 V Dix & Anor NSWSC 245 [2011]

Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title E: mail@makdap.com.au Ph: 02 9233 9018