PROJECT UPDATE NOVEMBER 2017

Transcription

1 PROJECT UPDATE NOVEMBER 2017 Construction of the McKinnon Place Townhouses is progressing well with settlements currently expected to occur in June This is an indicative date only as construction timeframes are by nature difficult to predict. As settlement approaches, the settlement team will be in regular contact with timing updates following communications from the builder. CONSTRUCTION UPDATE Works on site are progressing well and as of the end of October 2017, the following is the status of works: Roofing is 45% complete Services rough in is progressing on Ground and Level 1 Basement high level services underway Glazing has arrived on site

2 GETTING READY FOR SETTLEMENT If the purchaser is a FIRB purchaser with the majority of their income generated overseas, please ensure that their finance application is now commencing. In preparation of the loan application, the purchaser will be required to have various supporting documents such as personal identification, proof of income, copy of their purchase contract, evidence of savings and details of other debts/liabilities. On application, the banks will provide a detailed list of their requirements. If the purchaser is an Australian Resident with the majority of their income generated in Australia they should be commencing investigation of their finance options, if required. Please do not underestimate the amount time required to complete the finance process. Having a strategy in place early will enable purchasers to able to streamline their finance approval process and ensure that they are able to settle in a time when financiers are limiting their lending exposure. The Settlement Team will keep in regular contact with you over the coming months, however, moving forward, please do not hesitate to contact the Settlement Team at any time if you have any queries. Your Settlement Team contacts are Sally Clarke and Tania Buttigieg. Both can be contacted at settlements@citiplan.com.au and on the numbers provided below: Sally Clarke: Tania Buttigieg:

3 FAQ S REGARDING SETTLEMENT 1. Who do I contact if I have a question about my Contract? Any questions that relate to legal aspects of your Contract of Sale must be directed to your legal representative. 2. How will I know when settlement is due? We anticipate settlement will occur in June This is dependent on the current construction program and receipt of the Occupancy Permit. We will keep you informed over the coming weeks. Official notification of the precise settlement date will be advised by your legal representative. 3. When will I receive my Statement of Adjustments outlining how much I need to pay at settlement? Once settlement has been triggered, the Vendor s solicitor will finalise the Statement of Adjustments according to your contract and issue it along with all other legally required documentation to your nominated legal representative. This Statement details all payments required to finalise settlement. The amounts most commonly include, but are not limited to: - Amount owing on your townhouse, i.e. total cost of townhouse, less any cash deposit made. - Adjustment for council rates - Adjustment for water rates - Adjustment for Owner s Corporation fees - Adjustment of Owners Corporation Insurance (if not included in the Owners Corporation fees) - Adjustment of Land Tax - Any connection fees - If nomination, nomination fee in accordance with the contract - If deposit paid by bank guarantee, bank guarantee charges in accordance with the contract Please refer to your legal representative for further information. 4. What Government charges am I liable for when buying off the plan? Most transfers of Land in Victoria incur Stamp duty. Although you may be entitled to significant stamp duty savings when purchasing off the plan, you will likely still be liable for some payment. The final amount outstanding will be confirmed to your legal representative prior to settlement.

4 The amount owing is calculated based on government requirements and the saving you may be entitled to is based on the level of construction complete at the time of your purchase, amongst other things. For more information, please contact your legal representative. 5. What do I need to do to make sure I settle on the due date? We suggest you do the following to ensure you are ready for settlement: Contact your legal representative as soon as possible and advise that settlement is likely to occur in June Re-confirm your legal representative has your correct contact details so that settlement documentation which you need to sign can be provided to you. Ensure you have your finance in place. Please contact your financial institution or broker to discuss your finance options if you haven t already done so. If your financial institution requires information or wants to make an appointment to access site for a valuation, please contact Sally Clarke on or settlements@citiplan.com.au. Appointments for valuation inspections will most likely commence towards the end of April and may be staged depending on completion status for each townhouse. We will send you communication advising on when valuation access will commence from. 6. What happens if I can t settle by the due date? Under the contract of sale, penalty interest will apply in the event you do not settle by the specified date. Requests for settlement extensions need to be formalized through your solicitor for consideration. 7. What is a pre-settlement inspection and when will it be? Under the contract of sale, you are entitled to one inspection before settlement is due. We anticipate inspections will commence late April. The settlement team will contact you at the appropriate time in relation to dates and times. Due to there being many inspections required to occur over a short period of time, opportunities for rescheduling will be limited. If you wish to discuss this further you will have the opportunity when the settlement team contacts you. 8. I will not be in Melbourne for the pre-settlement inspection, how can I be sure my townhouse will be inspected thoroughly? Citiplan has a team of dedicated professionals who are focused on ensuring its developments are built to the highest standard.

5 Upon completion of McKinnon Place, this team, which will include representatives from Bayside Construct (the project builder) and BG Architecture (the project architects) will inspect each townhouse prior to your inspection. If you are electing a representative to undertake the inspection on your behalf, we will require written authorization and contact details ( and mobile number) for the person you have nominated. 9. What happens if I notice a defect at my pre-settlement inspection? We will ensure that the builder rectifies the defect/s as soon as practicable. Settlement cannot legally be delayed due to existence of minor defects. We will have daily contact with Bayside Construct representatives to ensure all defects are rectified as promptly as reasonably possible. 10. What is the defect liability period that is stated in the contract of sale? Under the contract of sale, there is a defect liability period of three (3) months from the date of settlement. This means that for three (3) months following settlement, the builder is required to rectify defects within the townhouse. Please note that damage caused by owners or tenants are not deemed as defects and will not be rectified. You will be supplied with further details regarding the post settlement defect liability period in your Residents Manual. 11. What is included in the Residents Manual and Move-In Pack provided after settlement? Once settlement has occurred you will be issued with a Move-in Pack which will include information and details on your new townhouse. The pack will include keys, security access fobs, Residents Manual and meter number. The Residents Manual will include lists of sub-contractors, floor and wall finishes schedule, cleaning instructions and Owners Corporation Rules. The Residents Manual will outline all necessary information about your townhouse and some key facts about the local area. We will confirm prior to settlement when and from where your pack can be collected. You will require photo I.D, or if you are unable to collect your own pack, you will need to provide written authorisation for someone to collect on your behalf.

6 FAQ S REGARDING MOVING IN AND CONNECTING SERVICES 12. How do I arrange to move into my new townhouse? We will confirm details regarding move-ins closer to settlement. Please be advised that all move-ins must be pre-booked with building management in order to obtain exclusive access to the lift and to ensure access for delivery trucks is available in the specified loading area. 13. What will by new address be? We will provide you with your new mailing address once we have received confirmation from Council. We will ensure you have sufficient notice to arrange connection of services and for your mail to be redirected. We are able to confirm that your street address will be: 14. What do I need to know regarding connection of services? a. Electricity Electricity will be switched on at the pre settlement inspection however will be disconnected within 48 hours after settlement. United Energy is the network electricity supplier for McKinnon Place and you will need to contact United Energy prior to

7 settlement to set up an account and to ensure electricity is switched on before your townhouse is occupied. There is a connection fee which you will need to pay. United Energy may be contacted on b. Gas You will need to contact a gas retailer of your choice to connect gas your townhouse. Your gas is individually metered. c. Water South East Water is the water provider for the McKinnon Place and water will be connected at your townhouse at settlement. As part of the settlement process, your solicitor/conveyancer will work with Tisher Liner FC Law Pty Ltd the Vendors Solicitor to transfer the water account from the developer Hoxby Pty Ltd to you. There are different requirements depending on whether you are an owner occupier or whether your townhouse is tenanted. For further information, please refer to the City West Water website. d. Internet (NBN) McKinnon Place Townhouses will be connected to the National Broadband Network ( NBN ), which makes very fast internet available for residents who connect. Residents will need to arrange an internet connection with an NBN retailer. A list of NBN retailers can be found at e. Telephone (NBN) Telephone (landline) at McKinnon Place is also provided by the NBN. Residents who want a landline telephone will need to arrange a landline phone connection with an NBN retailer. A list of NBN retailers can be found at f. Who is the Owners Corporation manager? StrataPlan 13/222 Kingsway, South Melbourne Vic., Ph: Please see below some photos showing progress on site.

8 Three Sixtyº Property Group Pty Ltd Melbourne Sydney Brisbane