OTP missing balconies and rooms

Discussion in 'The Buying & Selling Process' started by TMNT, 5th Dec, 2019.

Join Australia's most dynamic and respected property investment community
  1. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,572
    Location:
    Melbourne
    Last edited by a moderator: 5th Dec, 2019
    TMNT, 5th Dec, 2019
    #1
    marty998, Dan Wood and qak like this.
  2. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    5,332
    Location:
    In the Tweed
    Very interesting to see the outcome for this.

    Though possible it isn't their courtyard in the end, but common property :eek:
    With OTP the developer/builder has the clause "to vary by up to 10%", most likely at their discretion :oops:
    Unless objected to at or prior to settlement (as my understanding goes) unless it is a structural fault they will face an uphill struggle
     
    Stoffo, 5th Dec, 2019
    #2
  3. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,415
    Location:
    Sydney
    ... and people wonder why we are so negative towards OTP here on PropertyChat :rolleyes:
     
    Simon Hampel, 6th Dec, 2019
    #3
    Shazi, Hodge, Dan Wood and 2 others like this.
  4. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,059
    Location:
    Vaucluse, Sydney.
    Looks like they literally bought homes Off the plans.
     
    Sackie, 6th Dec, 2019
    #4
    bamp likes this.
  5. willair

    willair Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    6,795
    Location:
    ....UKI nth nsw ....
    I would say the way these OTP complicated contracts are worded and i do pity these people as a high percent don't even read what's in front them while they sign up at the OTP sales office ..Class Actions also don't work ..
     
    willair, 6th Dec, 2019
    #5
    Shazi likes this.
  6. hammer

    hammer Well-Known Member

    Joined:
    28th Aug, 2015
    Posts:
    2,867
    Location:
    Darwin
    Why, why, why would you do it to yourself??!
    OTP feels like Russian Roulette....
     
    hammer, 6th Dec, 2019
    #6
    Shazi likes this.
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,555
    Location:
    Sydney
    OTP has got a LOT worse.

    - You can be forced to buy something you didnt contact for. Missing rooms, altered sizes, varied specs etc
    - Cladding
    - Unapproved materials
    - Variation
    - defect to structure (Opal Tower etc)
    - Finance valuation shortfalls

    Imagine walking into a car dealer and signing up for a Mazda 6. Then finding that you get a Mazda 3. Same price. Oh and its now bile green not white. And a hatchback not the sedan. And dont worry we added some extras you didnt want. And if you dont take it they sue you ...wtf.

    The ACCC should take this one under national consumer law and run some test cases using some large developers as their examples to others. Why should anyone who enters a contract with a design spec be required to complete if its not built without approval ? Those examples on ACA last night looked like a developer shaving costs to make a buck. Let the developers go broke and then people can buy them cheap from a liquidator. They did it to themselves.

    Developers will be their own death. Over supply will just get worse.
     
    Paul@PAS, 6th Dec, 2019
    #7
    Ted Varrick, TMNT, hammer and 2 others like this.
  8. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,415
    Location:
    Sydney
    I agree 100%
     
    Simon Hampel, 6th Dec, 2019
    #8
    Ted Varrick, hammer and Dan Wood like this.
  9. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,572
    Location:
    Melbourne
    one of the attractions of OTP is getting a brand new flashy apartment with minimal maintenance, with everything inside working, (and as you would expect any defects would be addressed quickly and hassle free, think brand new car, any problems you take back to a dealer and they will fix straight away no questions asked)

    and now you dont even get this guarantee buying OTP,
     
    TMNT, 6th Dec, 2019
    #9
  10. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,527
    Location:
    Melbourne

    Yeah, or going into a MG dealership and getting a Chinese car.... oh hang on.....

    The Y-man
     
    The Y-man, 6th Dec, 2019
    #10
  11. Ted Varrick

    Ted Varrick Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    1,941
    Location:
    No Mans Land
    Absolutely right, and there;s no reason why a "Not fit for the intended purpose" complaint shouldn't result in a refund decision by the Office of Fair Trading.

    On top of this, just to give the OFT some teeth, the title should become a "Declared Title", so that the property can only be sold for a maximum 10-20% less than the rescinded sales contract price, just so the developers don't start getting imagination problems in rising markets.
     
    Ted Varrick, 2nd Jan, 2020
    #11
Benefits of Washington Brown's Referral Program