Apartment snagging

J

joey

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I am in the process of buying an apartment. I'm buying it from an investor who bought it off the plans from the developer. The apartment is recently finished and has not been lived in. I had an engineer draw up a snag list. It appears the investor paid over for the apartment without getting it checked out. Now he is objecting to my snaglist. I was told earlier that technically I'm buying a second-hand apartment and therefore can't push for the snags to be done. Is this right?

Also I have signed contracts and paid the deposit but is it possible for the seller to pull out now? The apartment has risen in value and I want to be sure I wont lose it while trying to get the snagging sorted.

I'd appreciate any advice, thanks.
 
Carpenter said:
Are you purchasing under sub-sale, i.e will you be the first registered owner?
Click to expand...

I don't know to be honest. Would it make a difference if I was? The seller seems to have bought it off the plans and sold it as soon as it was finished..
 
I suspect that its not a sub sale but a "second time around albeit very quickly" sale and that the price is sufficiently low to keep it under stamp duty threshold.

If that is the case, then the developer is not selling to joey but has already sold to the investor so technically the developer has no obligation to joey. And if investor did not bother to snag and snags are relatively minor then joey is deemed to be buying the property as seen.

If contracts are signed by both its unlikely the seller can or will try to pull out so it may be a question of haggling over snags and how serious any of them are to try and close the deal.

mf
 
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