In light of the horrendous outcomes still evolving from the Mascot Towers (Sydney) incident and the similar stories coming to light, there's a timely reminder for buyers considering apartment purchases to check the property prior to purchase.
Unfortunately, even if the vendors and the selling agents did hide the problems there's no way the buyers can obtain compensation from the vendors after the sale. So . .what can you do to ensure you don't buy a dodgy apartment?
Critical = organise a strata report
To protect yourself from purchasing a dodgy apartment, ensure you obtain a strata report and read it. If you're too busy to read the information, ask your lawyer to summarise the key points (unless – of course – if you're a Crave client we will do this for you).
Building and pest inspection
We may be waiting a very long time for an increase in purchaser protection, so until then remember – they don't include the warning to 'let the buyer beware' for nothing.