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Selling off Plans
I own a unit in a building to be demolished and rebuilt. The build costs exceed the current CV, so would lose everything if I sold before rebuilding started. If I wait until the building is rebuilt the bank will force me to sell and I will lose everything.
Have you sold off the plans within a Body Corporate with a Section 74 in place? I have no idea how this works and any advice would be helpful.
I'm thinking that selling off the plans is the only opportunity to walk away with some money? I'm assuming the bank will only lend money in stages. So if I sell early in the build I will not have borrowed too much and a person might buy the property for the estimate completed value?
Have you sold off the plans within a Body Corporate with a Section 74 in place? I have no idea how this works and any advice would be helpful.
I'm thinking that selling off the plans is the only opportunity to walk away with some money? I'm assuming the bank will only lend money in stages. So if I sell early in the build I will not have borrowed too much and a person might buy the property for the estimate completed value?
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