purchasing a new townhouse without a lawyer?

[Aulyna]

A friend came yesterday to ask my advice on purchasing a new townhouse without a lawyer.

With shallow pockets, he said: as there are about 6 townhouses, same structure, same price, with same contracts. He thinks if there is no problem with others, he should not have problems, especially, he has a friend buying the townhouse next to his.


As I have never bought a town house before, neither new nor old. Anyone can provide some experienced advice, please? Thanks.

 

[Propertunity]

It never ceases to amaze me! Your friend can fork out $300-400K I guess for a t/house but won't fork out $1,200 for a lawyer to make sure it is all OK?

Just because 5 out of 6 are OK does not mean.........you get the drift.

 

[The Y-man]

A friend came yesterday to ask my advice on purchasing a new townhouse without a lawyer.

With shallow pockets, he said: as there are about 6 townhouses, same structure, same price, with same contracts. He thinks if there is no problem with others, he should not have problems, especially, he has a friend buying the townhouse next to his.


As I have never bought a town house before, neither new nor old. Anyone can provide some experienced advice, please? Thanks.

Are we talking conveyancing or something else?

The Y-man

 

[Aulyna]

Are we talking conveyancing or something else?

The Y-man

yes

 

[The Y-man]

They can also use a conveyancer instead of a Lawyer (if that was what they are asking)

or if it is a bout DIY See

http://www.somersoft.com/forums/showthread.php?t=74697&highlight=diy&page=2

Post #112 onwards (does go ff topic a bit)


I asked the above if it was to review the contract of purchase etc. as if it is off the plan, there can be some very tricky things in there too.

The Y-man

 

[RPI]

Use a lawyer works out at about .3% of purchase price or less

 

[Jaggannath]

Surely with his buddy he can negotiate a group discount if he wants to save a bit of moolah

 

[Aulyna]

Thanks all for your replies.

If it's an old house, I will suggest him to get a lawyer, as there are more search to be done. With a NEW TOWNHOUSE, seems much simpler. What could go wrong?

 

[wylie]

Thanks all for your replies.

If it's an old house, I will suggest him to get a lawyer, as there are more search to be done. With a NEW TOWNHOUSE, seems much simpler. What could go wrong?

They could be built on the wrong block of land for starters .

 

[Propertunity]

They could be built on the wrong block of land for starters .

Exactly!.....and I have seen that happen IRL.
That's before you even start to mention the contract & special conditions.
Sunset clauses?
The very first page of the contract will contain a number of traps for the unwary when buying off a developer.....
How'd you like to pay a portion of the developer's land tax?
.....and so on.

 

[Jaggannath]

Thanks all for your replies.

If it's an old house, I will suggest him to get a lawyer, as there are more search to be done. With a NEW TOWNHOUSE, seems much simpler. What could go wrong?

I think I'd be more inclined to get a lawyer involved in a new development than purchasing an old block. The number of legal changes in a development would far exceed (IMO of course) the risks inherent in buying an existing structure that's been there a while.

 

[Rolf Latham]

What could go wrong?

Thats always the question we ask at the front end

At the teary end we learn the hard way

THe cost of a soli, you know, the cost of NOT using one you cant quantify..........

ta

rolf