Dear PI users.
Just got a question.
It's not my case but friend of mine recently canceled the contract
because they found one of the house's change from previous Reno, reckon it's deck, but it was unapproved from council.
Actually it's in Brisbane.
What do you think? in case you buying it, what's the effect in the future?
Best regards
The inspired
The risk is two fold
1. Council could order it to be removed
2. It could be unsafe – injury potential
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If the property is what you want – could always add a condition to contract requiring owner to secure council approval before settlement. May drag out settlement but ………. if the numbers stack up.
Given the structure is a deck which carries people I wouldn't touch it without said council approval. If the vendor does not want to get approval or the deck is rejected then walk away.
We attended a CPD course this morning looking at the effect of ACL on real estate transactions and clearly the onus is moving towards the vendor & agent with increased disclosure requirements.
It seems to me that the days of buyer beware are rapidly leaving this earth being replaced by disclosure requirements.
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