Join Australia's most dynamic and respected property investment community

Council - Bonds (Melbourne)

Discussion in 'Development' started by MTR, 20th May, 2016.

  1. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,285
    Location:
    Perth, Melbourne, USA
    With my 4 townhouse development in Thomastown I was required to pay $4000 landscaping bond prior to commencement of build.

    If you are selling/sold (OTP) townhouses on completion of the project you will need to ensure that you apply to council for the refund of the bond prior to settlement. Council inspect the property.

    It is important to do this prior to settlement otherwise the bond will be refunded to the new owners and you receive nothing, apparently this comes under the Act. (not sure which Act exactly, but it is law)

    Mtr:)
     
  2. hematite

    hematite Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    75
    Location:
    Australia
    Thanks MTR - this is very useful information. Was that $4k per townhouse?
     
  3. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,285
    Location:
    Perth, Melbourne, USA
    $4K for the 4 townhouses.
     
  4. hematite

    hematite Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    75
    Location:
    Australia
    Thanks, similar to what I paid (per unit). Im not planning on selling, but good to know!