I have spoken with the agent who has indicated the following 1. He has confirmed that there is no current legal action happening. The steel corrosion issues have been reported to the builders within the warranty period and are being investigated. The strata meeting minutes refer to an agreement to hire lawyers IF the builders try to resist…[Read more]

Catalyst wrote:
If there are defects in the building I'd be more worried about lawsuits. If a person was injured the insurance may wipe the claim. I know I've missed out on many "one off" deals only to find another the next week.Wait to see what happens with the claims. Others will want to sell if the issues arrise and you'll get a bargain.…[Read more]

Pat007 wrote:
So your going to stick your mum, in what an engineers report lists as a very expensive potential fire trap?i think your a little bit in love with the place.., i understand.  you may need to do some more looking around other places  and cool off a bit im thinking

I'm not too worried about the fire aspect because there is a ground f…[Read more]

Derek wrote:
The way I look at it is as follows;The multilple building reports all identify signifciant issues – this to me, indciates lax workmanship in the whole project across a number of areas and now these defects in all areas are coming to light. You haven't identified which state or how many storey are in the building. Be aware that in…[Read more]

the reason that i offered $670k is that the owner refused any lower and I want it because the apartment and complex are very nice and ideal for the 1st tenant who will be my Mum!if the defects are going to be the liability of the original builder as it sounds like they should be then it shouldn’t concern me too much and if the liability is the o…[Read more]

Also I forgot to mention that an identical unit in the complex sold for $650k in October 2011 so I presume this problem did not deter the buyers then (the report was written in July 2011 but the legal scion started in dec 2011)

But the steel problem is a building fault so the builders will probably end up paying for it. Also I Houghton that reducing my offer by $20k would compensate for the possibility if losing the legal case – does this seem reasonable?

i figure that if the legal case fell through and cost $2million as a worse case scenario that would only equate to $20k per unit – tax deducitble too – and that’s a worse case scenario only