NB
Could someone help me with the following scenario taking into account that I am in Qld.
I have completed a duplex construction and it has been on the market for 5 weeks. I have lodged Stratatitling documents to our local council today and if all goes well it should be completed in 8 weeks. I have received an offer today on one of the units but I cannot sell until stratatitling is completed without a lot of hassle (according to my R.E.). The purchaser may be happy to rent the unit before settlement. How should I have the contract worded in this situation? My R.E. tells me there are legal requirements in this situation that are complex. I was planning to do my own conveyancing up until this.
Thanks.
Am I allowed just to have a clause in the contract saying that the duplex
You real estate agent is wrong.
You can certainly sell the property prior to the duplex being strata titled albeit you cannot use a standard REIQ style contract.
After the property is strata titled you then need to lodge the approved plan of subdivision into the Titles Office which will take a few weeks to get separate title numbers.
If you have not done this before you should get a Solicitor to draw up the contract for you.
Richard Taylor | Australia's leading private lender
Thanks Richard. I have already got a local stratatitling body to look after the task.
If you don't use a standard REIQ contract what kind of contract can I offer while waiting for the procedure to be completed? Or have you already answered that by saying get a solicitor to look into it? MY understanding is that I legally need verified documentation re the stratatitling process to somehow be included as appendices to the contract???
Hi there RP Brown
you still use the REIQ contract but you have special conditions which refer to the process you are going through to strata title the property so there is a chain of documents for the purchaser to see how ultimately he or she will get their strata titled property. I have actually seen the proposed contract attached to another contract – just waiting for the strata lot details to be incorporated – once all is registered – it is like an Agreement to Purchase once preconditions are met.Most solicitors in Toowoomba could do this for you – and it is in your interest for them to do so – as if there is any problems they are covered by professional indemnity insurance. Once the contract is set up – you can probably do the conveyancing yourself. I can recommend a solicitor in town if you want to contact me – having worked with a number of them over the years.
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