Authors: Laurie Pallett, Claire Tyler
Published: 30 August 2023
Pages: 70

Introduction

Apartment living is increasingly common, and for many people is a more affordable way to enter the housing market. For property lawyers, it is becoming more important to be able to advise on apartment sales and purchases.

Some reviews for purchasers will be more complex than others, depending on the nature of the development. It is important to know where to begin and end with the provision of advice and to make sure your review is tailored to the client’s needs.

Equally, when advising vendors, the various disclosure requirements and warranties given under the Agreement for Sale and Purchase are important to discuss with your clients, to be sure they can provide what is needed.

This paper outlines the key areas involved from a legal perspective, including the recent amendments to unit titles law, when a client is selling or purchasing an apartment (or other unit titled property).

Content outline

• Disclosure requirements under the Unit Titles Act 2010
• The different funds under the Act
• Long-term maintenance plan
• Issues to look out for when clients are purchasing apartments
• The relevance of builder’s reports for apartments
• Sale and purchase of company share apartments