Community Strata not lodged - Problem?

[Nemo]

Hi all

I'm buy a single side of a duplex (common wall) in NSW. The duplex is in a scheme of 10 other duplex's. The developer built these about 5 years ago and there are 10 more blocks to be developed (not sure if they will continue).

The duplex i'm buying faces a normal street and not a common drive way or street
There is no common property (buildings) apart from the common wall between each duplex.

The developer has not lodged the community strata scheme?

My questions?
- Will i have significant issues moving forward?
- Will i be able to get building insurance for my unit?

Your opinions and thoughts greatly appreciated

 

[Scott No Mates]

In short yes you will have problems. If the subdivision has not been lodged, all of the duplexes are still on the original title you do not have a separate title for your proposed purchase. How do you know what you own. The vendor will be prevented from settling as the titles office cannot guarantee your title.

Have a chat to your solicitor about it before proceeding.

 

[westminster]

I doubt you'd even be able to get finance. A bank requires the title of your part as part of the loan.

 

[Nemo]

Thanks for the reply Guys

Just following up it appears they have lodged the subdivision...
I have gained finance - Westpac - they looked at the contract...

They haven't lodged the Community Strata scheme??
I'm not even buying of the original developer

any further thoughts

Nimesh