What to look out for before buying a property

Savina YangFebruary 27th, 2017

If you are entering the property market for the first time as a home-owner, congratulations. This is going to be one of the biggest financial decisions you will ever make in your lifetime, especially in Sydney where property prices are labelled as “crazy”. So don’t throw caution to the wind, we are here to guide […]

Review your agency agreements NOW

Amanda FarmerJuly 28th, 2016

With the Strata Schemes Management Act 2015 (NSW) set to commence on 30 November 2016, strata managers need to be paying attention to the terms of the agency agreements they (a) currently have with their buildings and (b) are issuing to new buildings they are tendering for. I have seen a number of agreements in […]

New off the plan provisions tested for the first time

Bianca BarryMarch 31st, 2016

In November I wrote about the Conveyancing Amendment (Sunset Clauses) Bill 2015 (“Sunset Clauses Bill”) which rid the Conveyancing Act 1919 (“Act”) of the sunset clause loophole.   The new section 66ZL of the Act provides that a developer may rescind an off the plan contract under a sunset clause in circumstances where:   The buyer consents […]

Buying off the plan – part 3

Bianca BarryNovember 29th, 2015

In September I wrote about the risks of buying off the plan. Last month I reported on the case of Wang v Kaymet Corporation, in which a group of off the plan buyers was caught out by a sunset clause. This month, the Parliament of New South Wales passed the Conveyancing Amendment (Sunset Clauses) Bill 2015 to rid […]

Developer wins in “off the plan” case

Bianca BarryOctober 29th, 2015

Last month I wrote about the risks associated with buying strata units off the plan. One particular risk is that the developer may be entitled to rescind the contract and resell the unit once a certain date has passed. This date is known as the “sunset date”.   On 6 October 2015 judgment was handed […]

Buying off the plan? Consider the risks

Bianca BarrySeptember 30th, 2015

  In August this year Domain published this article about the East Central development in Surry Hills.   Buyers had purchased their units off the plan in 2013, with the development expected to be completed in late 2014. This year, the developer rescinded several of the contracts, leaving buyers in the lurch and giving the […]

A joint venture is a marriage – just don’t forget the pre-nup

Robert Van AalstMay 27th, 2015

You may be considering entering a joint venture. If you are, the following may be helpful. A Joint Venture is a Marriage Treat a joint venture like a marriage: easy to get in, a bugger to get out. They are complex, even if they appear simple on the surface. In legalese, a joint venture is […]

“Do I really need a partnership agreement?”

Savina YangFebruary 17th, 2015

Are you thinking of starting your own business? Do you have one or more co-founders who want to join your start-up? Or, are you buying in to an established business? Or merging your successful brand with another’s? If you answered “yes” to any of these questions, then you may well need a partnership agreement. Partnership […]

Home Building Amendment Act 2014 – commencement dates proclaimed

Amanda FarmerDecember 14th, 2014

On Wednesday 10 December 2014 the Governor proclaimed the commencement of the Home Building Amendment Act 2014. There are three relevant dates. In summary:- (a) the amendment that inserts a provision requiring disclosure about uninsured owner-builder work commences on 31 December 2014; (b) amendments relating to:- contracts to do residential building work or supply kit homes; […]

The importance of a clear engagement contract

Amanda FarmerMay 1st, 2014

A word of warning for both owners corporations and their suppliers: if the terms of the contract between you are unclear or ambiguous, you could both suffer.

The NSW Supreme Court has recently considered a case in which an owners corporation was sued by a consulting engineer in relation to the owners corporation’s alleged failure to pay in full for a building defects report prepared by the engineer: Demlakian Engineers Pty Ltd v The Owners of Strata Plan 80453 [2014] NSWSC 401 (8 April 2014)