Hi all,
We are planning to buy a townhouse and things r in progress. The only problem left to sort out before finalising the deal is Strata problem. After reviewing the Strata report and discussing with my lawyer, there is a potential concern with a building damage claim. There was some damage in part of the underground parking area which the insurance is refusing to pay. The case has been apparently in court for last 4 years or so. The administrative fund of the start seems to be going a lot towards the legal fees. The lawyer has not been able to get much details from strata manager but I found from some sources that the builders went bankrupt and thats why insurance is not paying…. something something..
we really like the property but if we buy and things go wrong my lawyer says there will be thousands of dollars involved, but shared between the many owners in the whole development. I spoke to the real estate agent and he after speaking to the owners has agreed to decrease 5k from the previous agreed price. What should I do. We do the like the place and dont wanna lose it but again I afraid we might be getting into big trouble. Please advise guys
thanks
BobContact your office of fair trading to find out what you can (if they will talk to you as a prospective owner).
Otherwise, find out what the claim is worth, your unit's liability if you lose and negotiate a price reduction. If neither appeals, steer clear until it is resolved.
Which state is the property in Bob?
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