Some Present and Current Issues for Developers.

Some of the issues that are sometimes missed include:

• Zoning changes – all Councils have changed zoning and height restrictions and identified areas for units. Do not make any assumptions.
• Open Space – remember that Council will often want a five percent fee in lieu of providing open space, which many forget to budget for.
• Marketing – if selling to overseas residents/buyers, you need to update yourself on FIRB (foreign ownership) requirements.
• Measurements – often measurements are inconsistent between design plans, permit drawings, marketing plans and what is surveyed. This may give buyers a right to avoid a contract or seek a price reduction.
• Copyright in Plans – ensure that your architect agreement is drafted properly so copyright in the plan and drawings is yours and that you can terminate the service if you are not happy.
• Marketing Agreements – these need to be carefully drafted to ensure commissions are payable only with enforceable contracts and full deposits are paid.
• Disclosure of Owner Corporations Licences and Rules – there are stringent requirements for disclosure of rules, licensed area, levies and the like.
• New Vendors Statement Forms – new forms must be used since October 2014.
• Insurance – advice is needed to ensure the property is in the name of the owners corporation when the plan of subdivision registers to cover common area.
• Staged Subdivisions – these need to be considered together with master plans from inception to ensure contracts/special conditions are drafted carefully.
• Environmental – you need to ensure you are not buying a contaminated site.
• GST – careful consideration of GST consequences needs to take place.
• Adjoining developments – these need to be assessed for disclosure.

For comprehensive, detailed and reliable property law advice please contact Michael Fetter our Property Law Team. Tisher Liner FC Law are accredited property law specialists.