While we at Mitchells regularly act for and advise residential property buyers and sellers, as well as for landlords and tenants, we usually are not involved legally in too many of the factors influencing our clients’ property decisions. Nevertheless we were interested to read an article in Australian Property Investor magazine where editor Eynas Brodie noted how tenants and buyers prefered to live within ” walking distance ” of everything they needed. Her article went...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au In August 2003 XYZ Holdings Pty. Ltd. entered into 11 off-the-plan contracts for the sale of apartments in a 20-unit residential building at a coastal town. Settlement was due 14 days after the establishment of the Community Title Scheme for the building. A “sunset clause” in each contract entitled either party to terminate if the project did not complete by 31st December, 2005....
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Should you rely on what developers’ and their estate agents promise? A novice property buyer finds the answer to this question. In October 2009 an agent’s sign appeared on a large block near where George Jones was renting. For sale by Kyora Properties Pty. Ltd. were eighteen townhouses with construction commencing “early in 2010” and completion “anticipated” later that year. Prospective buyers were invited to “Buy...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Bronwyn Brown, wife of a Federal Magistrate, contracted to purchase an apartment in Stage 2 of a luxury river-front development. Before Bronwyn signed this off-the-plan contract, developer Tenncorp Pty Ltd delivered a comprehensive Disclosure Statement pursuant to Section 213 of Queensland’s Body Corporate and Community Management Act. Among many things this Statement included a list of equipment and furnishings – ranging from pool cleaning...
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One of Australia’s leading developers has lost a bitter war with investors after it attempted to alter the floor plan of their luxury apartment complex to house a religious movement founded and managed by its own chief executive. Crown Group sold a vision of six-star living at its future $80 million Viking development in Sydney’s Green Square, using artists’ images depicting a Ferrari showroom occupying the ground-floor space. With the pledge from Crown that both...
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Penthouse buying is an urban sport guaranteed to appeal to the competitive and successful – the position at the top of any new tower or apartment block tells the world, and those below, that you have won. Peaked. You’re top of the pile, with the best views and the biggest apartment. Melbourne’s apartment-building boom of the past decade has produced penthouses of palatial proportions, with views that take in the bay and city, and mountain...
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Australia’s leading SMSF experts have helped Smart Investor to identify the biggest mistakes investors continue to make when they manage their own retirement savings via a self-managed super fund. 1. RULES RULE, OK? SIN: not understanding the law. If you think running an SMSF is about being able to “do your own thing”, think again. The self-managed super sector is expected to continue to be under intense scrutiny from the Australian Taxation Office in the years to...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au This unsolicited letter is currently being sent by email to Re/Max agencies around the world: “As a fellow Re/Max Broker, I’m writing to ask if you or perhaps a colleague might be interested in a U.S. referral opportunity in Chicago. Many International real estate investors are purchasing cash flowing houses, condominiums, and apartment buildings at 50% of what they were once selling for in Chicago. ...
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OPINIONby Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Simon Tsang was a novice property investor who made his second inspection of a likely rental house on a Saturday. That night the saleslady from the seller’s estate agency phoned. She wanted Simon to make an offer. So he did – over the phone. When the saleslady became a little stroppy Simon willingly increased his offer. Still not happy, the saleslady told Simon she would give him...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd As an investment adviser Enzo Raimondo, CEO of the Real Estate Institute of Victoria is the last person a property purchaser should listen to. In his most recent article “Buyer’s agent a sound investment” in the Domain section of The Age newspaper Saturday 17 January, 2009, Raimondo is quite dishonest with readers as he misstates the law on purchaser...
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