Just what does happen to insurance money if your unit title is damaged and a claim is made on insurance? There is a statutory obligation on each body corporate to insure all buildings and other improvements for replacement value. The insurance must cover demolition costs and architects fees and must relate to damage caused by:…
Can a lessor be made to review the rent? Under the modern standard form leases, yes they can. From the ADLS 4th edition (2002) lease onwards, the standard ADLS deed of lease allows either party to initiate a rent review. Those standard leases also include a soft ratchet, i.e. on a rent review the rent…
Purchasers often nominate a third party to perform the obligations under an agreement for sale and purchase. They flag their intention to do so by using the words “and/or nominee” on the front of the agreement. The standard form agreement makes it clear that even if the purchaser signs the agreement with provision for…
Does land need to be insured? In most funding we do lenders do not insist on this. Most developers have contract works cover in place whilst involved in constructing infrastructure on the land (often through the contractors), but once that work is complete most don’t take out any additional insurance from what we have seen. Events in Canterbury last…