Incorrect advertisement of strata fees NSW

I am buying a property for which I was told that strata is $500 pq however based on section 109, the strata is $1000 (up 100%).

Settlement is happening next week so I was wondering whether I have a legal recourse to either cancel settlement and walk away from sale (claim all the monies paid back) OR ask vendor or real estate agent to compensate for next couple of years for additional strata than advertised?

Please note that this is not the case of owner not knowing because they paid our the fees before the property was listed and were aware of increase. I could understand it if they wouldnt know because Owners Corporation did not decide until later but this is clearly a case of mis information provided deliberately. Thanks.

 

It is up to the purchaser to verify the particulars of the strata levies via a strata search.

 

You had the opportunity to check this before signing and exchanging the contract. Even after exchange you had the cooling off period.

You could possibly sue the agent for false and misleading statements - but are you willing to do this?
Just to see a lawyer for the initial consult would cost more than your loss for a year.

 

We had this happen on a purchase we were making for a client in the Inner West just over a year ago. We successfully had the selling agent who made the mistake in their advertising, refund to our purchaser, 4 x years worth of the excess strata levies, effectively wiping out their sales commission.

I think they valued the relationship with us as BAs but also did not want to have a complaint registered with Fair Trading.

It doesn't hurt to ask (or threaten).

 

If you have it in writing then by all means go for the jugular