Need To Dispose Of A “Dud” Property? Auction It!

Posted on May 3, 2007 by | 0 Comments

This warning is prompted by the number of “dud” properties being screened off through our pre-contract advice service.

One was a property with “subdivision issues”, and another was weighed down by a covenant that required the owner of the property to refrain from objecting or inviting or assisting or financing any other person to object to the use and development of the neighbouring land (rather scary when they won’t let on as to what the proposed development is). We have also seen an auction contract that required the purchaser to assume responsibility for a legal battle that had been raging for over two years.

For vendors the auction is a quick and simple way to get rid of a “dud” property. For purchasers it’s an expensive lucky dip.

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