How to sell sans ap­proved build­ing plans

Weekend Argus (Saturday Edition) - - PROPERTY -

AP­PROVED build­ing plans are re­quired when selling a prop­erty says Mike Gre­eff, chief ex­ec­u­tive of Gre­eff Christie’s In­ter­na­tional Real Es­tate.

“How­ever, in the ab­sence of ap­proved build­ing plans, there are sev­eral options avail­able to would-be sell­ers. The first is to ob­tain ap­proved plans for all un­ap­proved build­ings and or ad­di­tions,” says Gre­eff.

Ac­cord­ing to Martin Sheard of law firm STBB, a site plan of the un­ap­proved build­ings must be sub­mit­ted to the lo­cal au­thor­ity along with an ap­pli­ca­tion for ap­proval.

“The sec­ond op­tion is to sell your prop­erty sub­ject to ob­tain­ing plan ap­proval.

“You can start mar­ket­ing your prop­erty im­me­di­ately and sub­mit your plans and ap­pli­ca­tion. If you re­ceive an of­fer, make it sub­ject to pro­vid­ing ap­proved plans to the buyer be­fore trans­fer,” says Sheard.

“The third op­tion is to let the buyer ac­knowl­edge the ab­sence of ap­proved plans and ac­cept li­a­bil­ity for the risks as­so­ci­ated there­with in the sale agree­ment.”

Gre­eff says this would only be ad­vis­able if the buyer intends to ren­o­vate or alter the build­ing, in which case new plans would in any event be re­quired.

“What­ever course you take, you should con­sult an at­tor­ney be­fore mak­ing your fi­nal de­ci­sion,” says Gre­eff.

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