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  • Developer wanting us to sell

    Posted by Laura on May 21, 2024 at 6:35 pm

    Hi there

    We have been approached by an agent with a developers proposal to buy our unit.
    The unit is in a great location and could be worth a lot more later so we don’t want to loose out.
    He mentioned a new law that has come in which basically allows developers to force the sale once they have acquired 75% of ownership of the unit complexes. The agent also explained to us that once they reach 75% they will no longer need to buy more units or offer a decent price to get the sale because this law will enable them to force the sale from us only matching market value (which is usually a lot lower) and they will not pay more.
    This is obviously from an agent wanting to make sale , and his argument is that we need to get in before the 75% has been brought as we wouldn’t want to miss out. either way I want to put in a form 6 to negotiate with the developer but leverage our side by finding a way to use equitable and just laws override this new act.
    The “Act” they are going by: Strata Schemes Development Act 2015 (SSD Act)

    If anyone has any good material or info on what best equity laws we can use to push for a higher sale on our end that would be great.
    I have mostly focused on BOE, and estoppels so this is a different ball game, and time is of the essence here, so I’d like to get onto the right info as soon as possible. If we can scare them into seeing they may not get our sale by blackmailing us with this law, they be more inclined to make a higher offer to get us out of their way.

    I will be booking a meeting with mark but I like to do my research beforehand so I can get the most I can from his meetings.

    Laura replied 1 year, 1 month ago 2 Members · 2 Replies
  • 2 Replies