when buying a

Viewing 7 posts - 1 through 7 (of 7 total)

Project
Member
@project
Join Date: 2003
Post Count: 31
January 19, 2004 - 7:26 pm
When you buy a non finished building, say a townhouse or a unit? what are some tips and points you experienced ones can give me.. thx
Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
January 20, 2004 - 1:00 am
Hi Actube,
Can you give us, some more details about, a non finished building, townhouse or unit?
Cheers,
sis
People 4get that by saving just $3 a day & investing it sensibly
over a working life, you’ll end up with around $1 million
Administrator
Keymaster
@piadmin
Join Date: 2013
Post Count: 3,225
January 20, 2004 - 3:38 am
I certainly would like to know why the construction was discontinued. (Sorry if this is not the case).
If it is however the case that you are buying from a builder an he hasn’t as yet finished the construction
I would certainly make the contract subject to satisfactory completion, which means that you can have the building inspected and that all defaults are to be rectified before settlement.
I once had a dwelling built by a project home builder and a day before I was to make the final payment and the builder was to hand over the key to me I had an architect inspect the dwelling and we came up with some 62 or 63 defaults.
Some minor, others not so minor.
If one doesn’t go to the trouble to have a builder or architect make an inspection before settlement and you become aware of the defaults later on you may have a hell of a job to get the builder to make time to rectify the defaults.
Regards,
Pisces
fiby30
Member
@fiby30
Join Date: 2004
Post Count: 15
January 20, 2004 - 3:59 am
Also been in this situation.
I bought a spec home that had not yet been completed. The builder promised to do various things ie. landscaping, fencing and other finishes.
I had him sign a list of these items and included it in the contract and I had no problems at settlement.
Darren
Project
Member
@project
Join Date: 2003
Post Count: 31
January 20, 2004 - 4:25 am
its a townhouse in werribee
just doing some reasearch on situations regarding real estate purchasing
ActToday
Participant
@acttoday
Join Date: 2003
Post Count: 232
January 20, 2004 - 11:23 am
These days there are implications with insurance as well as the requirement to have a licence for the building works. If a property is sold while building works are not completed, a new licence (possibly an owner builder licence) is required prior to any further works being undertaken.
If I knew then what I know now……….you know how it goes
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
January 20, 2004 - 12:09 pm
Are you talking about a development off the plan – or a one off house?
With OTP, it is common for places to be onsold before completion, however the second buyer loses out on the builders 90 day warranty – unless they can do some sort of deal where the first buyer will chase up the builder for any defects. It’s a bit of a bugger, but some builders are actually good and will honour the 90 days even with a second buyer.
Cheers
Mel