Sapphire: Shattered dreams or a bullet dodged?

Tagged: Chandler, contracts, defects, deposits, investors, off-the-plan, owners, Strata

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10/10/2024 at 5:17 pm #76463
Jimmy-T
Keymaster
Work has halted on the near-complete Sapphire development, leaving initial investors frustrated and angry as they decide whether their shattered dreams are really a bullet that they’ve dodged.

[See the full post at: Sapphire: Shattered dreams or a bullet dodged?]

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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11/10/2024 at 9:42 am #76490
kaindub
Flatchatter
What if the deposits and payments were put into escrow?

Its not something we use much in Australia

For the developer its a guarantee of money provided they complete the project including defects.

For the buyer it guarantees that their money does not disappear into a black hole where they never see their money again.
11/10/2024 at 12:22 pm #76500
Jimmy-T
Keymaster
Chat-starter
The following, from a spokesperson for Building Commission NSW, was received on Friday morning:

Building Commission NSW is working with the Receiver for the Gosford Sapphire Development. These discussions will determine what steps need to be taken for the building to achieve an Occupational Certificate.

Building Commission understands the Receiver is currently organising for consultants to undertake a thorough assessment of the project which will help inform what further remediation is required.

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
11/10/2024 at 12:32 pm #76501
Jimmy-T
Keymaster
Chat-starter
kaindub wrote:

What if the deposits and payments were put into escrow?

I think they go into some sort of trust account and they may even attract minimal interest. The problem isn’t their security but they fact that they don’t keep pace with a booming market.

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.