Wow – what a tale of woe! I sympathise with anyone that tied up in this mess and I certainly will be extremely cautious if ever tempted to buy off a plan!
OMG! I just got a email from Alan from MLG for Onslow OTP property which I was seriously considering. Good that I did a google search on them.
I share Interested Investor's view, and now that the dust has settled from this house of cards, some thoughts on the players:
The Investors – We understand buying off the plan is an uncertain proposition (the old risk/reward equation), BUT the investor has a right to the information the developer/agent may have that could affect the outcome of the investment.
SGC Securities (founding Directors Tony Sage, Marcus Gilmore and Niall Conlon) – I understand the diificulty in bringing a development project to completion in the NW, BUT a professional developer would have his ducks in a row before inviting investors to participate.
MLG Realty (Marcus Gilmore, founder) – I understand that a real estate agent works for the seller and not the buyer, BUT a professional agent would not screen buyers from the facts of the development.
Chalmers Legal Studio – (wrote and executed IMO a very one-way contract) – I understand a solicitor's first loyalty is to his client, BUT in this case they have done nothing to diminish the popular opinion of the legal profession.
So I add my "Thank You" to the Tambrey Apartment Development Project, for showing me what to look out for next time I venture into buying off the plan.
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