Hi Everyone,
Long time lurker and finally have the courage to post something
I am interested on a subdivided block. But when I approached the agent, he advised that even though the new units are complete, they are not yet titled. The vendor is still working with the council and probably will take another couple of months. I can however put my offer now.
This is puzzled me.. is it even possible to do this? To sell a subdivided block without the title? What will happen if for some reason the title is not available at the end?
I have looked at the section 32 and I can see building permit.. the plan of subdivision.. and occupancy permit. So everything seems to be there. Only there is not yet a title for each units.
And there's yet to be an Owner Corporation created so I don't know how much it will be.
All in all, even though I like this property, seems there are many questions around it.
Thank you for all the comments
Cheers,
Dream
Long time lurker and finally have the courage to post something
I am interested on a subdivided block. But when I approached the agent, he advised that even though the new units are complete, they are not yet titled. The vendor is still working with the council and probably will take another couple of months. I can however put my offer now.
This is puzzled me.. is it even possible to do this? To sell a subdivided block without the title? What will happen if for some reason the title is not available at the end?
I have looked at the section 32 and I can see building permit.. the plan of subdivision.. and occupancy permit. So everything seems to be there. Only there is not yet a title for each units.
And there's yet to be an Owner Corporation created so I don't know how much it will be.
All in all, even though I like this property, seems there are many questions around it.
Thank you for all the comments
Cheers,
Dream