486. What happens when your new apartment is worth less than you agreed to pay
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Buying off the plan can look like a smart way to lock in today’s price, but what happens when settlement arrives and the market has moved against you? In this edited version of Friday’s LIVE chat, I unpack the risks, possible options and costly consequences of being unable to complete an off-the-plan purchase. I then switch gears to the topic of secret ballots: when they can be requested, who gets to call one and why demanding one after the vote is too late.
Links Mentioned:
- Get the transcript here!
- Amanda’s ABC Radio Sydney interview. Listen at the 2:17:07 mark
- Schedule 1 Clause 29 | Secret ballots | Strata Schemes Management Act 2015 (NSW)
- Section 15 | Electronic ballot paper for pre-meeting electronic voting | Strata Schemes Management Regulation 2016 (NSW)
- Section 182 | Requests for inspection of records of owners corporation | Strata Schemes Management Act 2015 (NSW)
- Podcast Episode 112. How to conduct a secret ballot
In a building of 29 residential strata units and 1 ground floor commercial office over the entire ground floor. In 2019 A special By-Law was created to make the OC responsible for the A/C maintenance and replacement of A/C units in the Lots. Affected Lots were described as residential. The chairman who owns the commercial investment office advises that the By-Law had a typo and should include the commercial. The strata manager advises that the By-Law is valid however the OC does not have to enforce it. The strata manager advises that the area above the ceilings is common property thereby any plant and equipment is the responsibility of the OC including mechanical ventilation fans to laundries and bathrooms that serve only the lot.
There is significant cost in replacement of the aged A/C equipment especially to the commercial offices.
I believe the OC has a responsibility to enforce the By-Laws, and that Mechanical Ventilation is not air conditioning and is the responsibility of the owner when serving only that lot. Have you done talks on this that I could look up?
Hi Steve,
I am sending this message on behalf of Amanda Farmer.
Due to the overwhelming demand for Amanda’s services, she is no longer able to personally respond to every comment posted on the public side of the website.
The best way to seek Amanda’s guidance is inside the members-only QandA Forum, enjoyed by paying members of our online community. Membership starts at just $97/month with no lock-in. Your instant access is here: http://www.stratamembership.com.
Regards,
Richelle
YSP Team