@obmik said:
[The developers] said that only the first 75% of owners to accept their offer will receive the premium price. Any owners who resist the sale and fall into the remaining 25% would then only receive current market price, which would be determined by a valuer.
The developers are either misinformed or they are lying and are clearly trying to bully you (and feel free to tell them I said that).
If the law goes through it its current form, you will not only be able to go and find competing offers but, if it is a “knock down and build” option, every owner will be entitled to their share of the overall sales price divided according to unit entitlements, regardless of whether they accepted the offer.
So ask the developers why they aren’t telling the truth and ask them what else they are being dishonest about. Then tell them you might consider an offer that has a premium to compensate for relocation expenses.
If the law does come into force next July, as planned, there is a three-month (minimum) process at the end of which it all has to be approved by the Land and Environment Court. The LEC will also be empowered to consider cases where dissenting owners can be compensated above and beyond the basic payment, presumably, for instance, for emotional reasons or for exceptional costs of relocation.
The “market value” option only happens when the existing building is renewed and possibly extended and some owners may want to move back in.
Have a look at THIS ARTICLE that I wrote for the Sydney Morning Herald which spells out the whole process. And tell these shonks to take a hike and come back when they’ve got their facts straight.