Strata Tip #78: Construction – Cost control – Progress claims are usually authorised on the achievement of milestones
That’s so you know that construction is on track, as are your costs. If construction is not running to budget or you fear a discrepancy, then raise it early after giving the builder appropriate notice. Sit down and work through the issue collaboratively.
#101 Strata Legal Tips …Strata Property Development Tip #77
You have to acquire these too, including any associated intellectual property rights. Sometimes the value of the land is an existing approval or consent (for example a development approval, water allocation or statutory licence). It is surprising how many times these authorities, approvals or consents are not acquired, when they should be, as part of […]
Interview a couple of development lawyers and don’t make the mistake of thinking that the cheapest will be the best. As in all things, you will get what you pay for. A creative lawyer who is interested in your development can add value in a myriad of ways. You’ll know that you’ve made the right […]
When you conducted the first extraordinary general meeting of the body corporate, you would have knocked over the usual agenda items such as insurance, initial contributions (levies), the appointment of the body corporate manager and so on. In most cases you will have also dealt with the requirements of any contract special conditions, where body […]
You should stay away from settlement; avoid watching the process and simply enjoy the outcome! Whether it’s settlements being rescheduled, buyers losing their transfer documents, settlement agents getting held up in traffic or any number of other normal events, some settlements will be delayed, others will fall through and none of that should be witnessed […]
Henry Ford once said that ‘you can have the car in any colour you like as long as it’s black’. Providing options for finishes will make your buyers happier than Ford’s, but it can lead to ordering and supply issues for your construction contractor. If you are going to offer different finishes packages make sure […]
Whether it’s a change to your standard conditions, a due diligence clause or making their purchase subject to their sale, you can expect a number of requests for special conditions from buyers. A good lawyer will prepare a set of ‘standard’ special conditions ready for use during the sales process. That way they’re on hand, […]
A good marketing agent is not only a salesperson, they’re an advocate, marketer and public relations officer. These days, they also need a little dash of lawyer! Brief them properly, give them firm instructions (e.g. about what they can and cannot say) and then give them some space to do what they do best.
Most construction finance facilities contain conditions regarding pre-sales. That is, the number of “off the plan” sales contracts that need to be achieved before the first, or another, drawdown can be made. The banks are fairly sophisticated about this and will only count ‘arms length’, third party pre-sales. To avoid embarrassment and delay, make sure […]