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Editions

New Businesses

31 May 2016

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Inner city apartment living is one of the fastest growing sectors in the Melbourne property market. Docklands is a prime example of the popularity of inner city apartment living. But from a legal perspective, what should you consider if you are purchasing an apartment?

David Parsons, a lawyer in the property department of Tolhurst Druce & Emmerson Lawyers, assists clients with the full range of property law matters.  Over the past few years, a growing proportion of clients are undertaking apartment purchases. However, there are a range of considerations unique to apartment purchases which should be considered before signing on the dotted line.

“Before entering into an unconditional contract for the purchase of any property you should ensure that your finance is in place, that the building is structurally sound and, most importantly, have the proposed contract checked by your lawyer,” Mr Parsons said.

“Purchasers of high rise apartments should also ask their lawyer to check the owners’ corporation documentation and the minutes of any recent meetings. This will ensure that you are fully appraised of any decisions of the owners’ corporation, or circumstances at the complex, which may result in additional charges being levied in the future.”

“This may include decisions, such as major renovations or structural defects, which may need to be undertaken. Whenever these type of projects are conducted the cost is shared by all members of the owners’ corporation – often resulting in significant expense,” Mr Parsons said.

Apartment living is also communal by nature. Living in close proximity to others requires the application of rules and regulations, enabling people to live together harmoniously.

“Owners corporations generally have a range of rules and regulations affecting the use of the apartment or common property,” Mr Parsons said.

“Typically, this includes rules associated with short-term use of the apartments, noise regulations and other issues such as whether pets are allowed. It is important that you understand these regulations before you purchase, as they may affect what you can and cannot do in your apartment.”

Located on the corner of Bourke and Williams streets, Tolhurst Druce & Emmerson is situated close to Docklands. This is convenient for the local workers and residents who frequently seek their advice.

With a firm ethic of “working with individuals, families and business,” the firm prides itself on providing expert legal services with a high level of personal service.

The firm offers legal expertise in the areas of conveyancing and property law; family law; wills, probate, estates and trusts; commercial and business law as well as litigation and dispute resolution services.

Tolhurst Druce & Emmerson is located at 520 Bourke St. Please visit www.tde.com.au for more information.

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