OTP NSW Court Case - Good Outcome for Buyers

Discussion in 'Legal Issues' started by Scott No Mates, 13th Sep, 2017.

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  1. Scott No Mates

    Scott No Mates Well-Known Member

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    Although there is still no case law for the protections afforded under the sunset clause, there's been a good result for the buyers of an OTP development in Surry Hills.

    Linky
     
    Scott No Mates, 13th Sep, 2017
    #1
    Stoffo and larrylarry like this.
  2. larrylarry

    larrylarry Well-Known Member

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    OTP still carries risks and purchasers must go in with eyes and ears open.
     
    larrylarry, 13th Sep, 2017
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  3. Paul@PAS

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

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    Obviously has no regard for a contract. Developer extortion.

    The buyers are probably still out of pocket v's changes in market value in 52 months. I believe these new rules also put the legals on the developer.
     
    Paul@PAS, 13th Sep, 2017
    #3
  4. Paul@PAS

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

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    Especially if the developer goes bust. You may end with nothing if the developer has their hands on deposits.
     
    Paul@PAS, 13th Sep, 2017
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  5. larrylarry

    larrylarry Well-Known Member

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    Exactly.
     
    larrylarry, 13th Sep, 2017
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  6. highlighter

    highlighter Well-Known Member

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    I'm not a lawyer so I'm not sure but it sounds like they settled so this doesn't tell you whether a court would make that decision.
     
    highlighter, 13th Sep, 2017
    #6
  7. larrylarry

    larrylarry Well-Known Member

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    The matter is settled so no judgment handed down. Not exactly a precedent but it puts all developers on notice.
     
    larrylarry, 13th Sep, 2017
    #7
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