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Owners Corporation Network Buying off the Plan Trust me - I’m a Developer Date: 27 October 2012 Presenter: Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title Contact details: mail@makdap.com.au 02 9233 9018

Who is the Vendor? • Research the reputation of the developer • Research the reputation of the builder • Ask for addresses of previous projects • Visit those projects, and talk to residents if you can about their experience

What are you buying? • Study the contract and the plan of the lot you are purchasing • Be aware of what alterations a developer/vendor can make to the contract • Changes made by the developer/vendor can actually change what you are buying

What are you buying? • Ask vendor for a copy of the Development Application and Development Consent so you know what the developer was permitted to build Practical example – car park issues • Note the clauses in typical contracts which give the developers many ‘outs’ so in reality you may not know what you are buying

Structure of the Strata Scheme • Is it a mixed use development? • Do the by-laws provide for exclusive use areas or make special provision for commercial/retail? • Is there more than one strata scheme with a strata management statement? • If so, what are the Shared Facilities and Shared Costs?

DEFECTS – There will be some • What are they? • Where are they? • How to deal with them? • Is there insurance under the Home Building Act? • How High is Your Building? Is it Over 3 Residential Storeys? The Owners – Strata Plan No. 75903 V Dix & Anor NSWSC 245 [2011]

Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title E: mail@makdap.com.au Ph: 02 9233 9018