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  1. #1

    Default crosslease title diagram doesn't show flat 2

    I recently look at a cross lease property. It is in Clover Park, 2 bedrooms, ok condition. Can make it into 3brms.
    I have signed a contract at $340k with the owner, but lawyer advised that he did title research, found the title diagram doesn't show flat 2.
    Also I did building inspection, the builder advised me the house needs a new exterior paint which costs around $10k.
    In addition, there are water pond issue around basement, which costs $2-3k to fix, but not very urgent.
    The price we signed it quite reasonable. But considering the maintenance costs and title issues, the price is still acceptable.
    I know there is no perfect house out there.
    I have tried to ask for discount, but the vendor didn't accept.
    Should I walk away from this one, look for another one or sign this one?
    quite difficult to make a decision.
    Please advise me. Many thanks

  2. #2
    Join Date
    May 2013
    Posts
    190

    Default

    I would walk away. If there is no flat 2, what would you have a half share of? What does your lawyer think?

  3. #3
    Join Date
    Dec 2007
    Posts
    887

    Default

    $340k for a do-up in Clover Park on a cross lease isn't cheap at all.

  4. #4

    Default

    My lawyer had a look at the title of flat 2. It has flat 1 on the diagram. He told me it is a small defect.
    He said I have to make a decision.
    Last edited by Vanillacola; 22-12-2013 at 12:21 PM.

  5. #5

    Default

    It is an ok condition. Cracks on the exterior walls need to be fixed and a new paint needed as it is hardiplank cladding built in 1989.
    The property is on Hollyford drive, close to Goodwood height. So I consider the location is ok.


 

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