Other owners in my building are planning on selling their units to this new developer in town. Everyone is going on about how he is offering great deals but he will only buy if everyone sells their units. I am the only one who doesn't wish to sell.
Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.
Answer by Neha Sharma, Hillsdale 2036 Sydney
- Presently in NSW every owner in a strata building has to agree to sell their unit before the building can be demolished or sold to developers.
- You may be bullied or threatened with a forced sell but remember that you are legally entitled to decide how and when you dispose of your property.
- If you feel you are under excessive pressure you should seek legal advice.
- New legislative changes are under consideration. If these changes are approved some owners may be forced to sell their units if 75% of the owners in a strata scheme agree to sell.