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Hi all.
I am new to the forum, in NSW.
I purchased an off the plan apartment, signed the papers in November 2021.
An interim occupation certificate was issued. The apartments are constructed…ready to go although not yet registered. People are living there already paying rent.
The developer only submitted the plan to NSW LRS on 26/4. A requisition was raised in mid May.
it is an incredibly frustrating time. It has been 7 months since I’ve signed the papers.
The plans have been with LRS for 8 weeks now. The solicitors, vendors and even surveyors aren’t providing the exact detail as to the requisition…
how long can plan registration take in NSW?
any advice is valued
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I may be wrong, but when you “buy” off the plan, what you have done is enter into a contract to purchase a particular lot in the future. In real estate a purchase can only occur when their is a titled property.
So your purchase does not take place until the strata subdivision is registered, and their are title documents for each lot.
Whilst under LPS it’s all electronic, I imagine that checking that all the documents are in order may take some time, assuming everything has been submitted.
Remember that under the system we have, the title of your property is guaranteed. If LPS gets it wrong they’re liable to pay compensation, which of course they want to avoid.
I may be wrong, but when you “buy” off the plan, what you have done is enter into a contract to purchase a particular lot in the future. In real estate a purchase can only occur when their (sic) is a titled property. So your purchase does not take place until the strata subdivision is registered, and their are title documents for each lot.
I’m more interested in what impact (if any) the delay in registration has had on the OP. We are getting many stories about how the new systems in place in NSW Services, Planning and related departments are causing delays and additional expense. I suspect, as you say, that’s all that’s happening here.
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The strata plan needs to be registered for settlement to occur, then I can move in.
At present, the builder owns the landApologies. I was thrown by your statement that tenants were already living there.
A lot of the delays in registrations have been caused by additional scrutiny of new blocks introduced by Building Commissioner David Chandler to ensure the integrity of new developments.
On the plus side, it should mean fewer defects battles when you do eventually move in.
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