75% rule on forced sale | Forced sales - the 75 percent solution | Flat Chat Forum: Your Questions Answered




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75% rule on forced sale
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Dezzy
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30/07/2017 - 4:03 pm
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Has the 75% proposed change become law in NSW? 

My daughter owns a one-bedroom unit, one of 8, where because the strata managers have been very lax the place is in need of some costly repairs.

She has been living and working o/s for the past 7 years and when she is here she urges the managers to get work done - to little or no avail.  Last time she was here in Sydney she spoke to some owners about themselves organising repairs and they were in agreement, also in agreement as to the lack of support by the strata managers. 

Now she finds that a developer has approached the other owners, who want to sell to the developer because the cost of the required renovation/repairs is so high.  Can she be forced to sell?  

She will lose a lot of money for CGT, not having lived in the property herself for a several years, and after payment of that tax she will not have enough left to be able to get back into the Sydney market, in any suburb let alone this one.  She wants to return to live here in a couple of years.

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JimmyT
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30/07/2017 - 6:05 pm
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Yes, the law is in place and yes, six owners night be able to force the other two to sell (depending on how unit entitlements fall).

However, read this post and you will see that there is a long and complicated process before this can move ahead - and other options available, such as "redevelopment"  that wouldn't involve capital gains tax.

It's a shame her strata manager is so hopeless - they should be providing this advice.

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Dezzy
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30/07/2017 - 7:44 pm
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JimmyT said
It's a shame her strata manager is so hopeless - they should be providing this advice.  

Thank you so much.  And yes I agree about the strata managers . . .

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