Question: A developer has made an offer on our seven lot scheme. Six owners would like to accept the offer. Can the seventh owner be forced to sell?
Seven owners each own a lot in our block of seven units. A developer has made an offer to buy the whole block. Six owners would like to accept the offer. The price offered is reasonable. The final owner refuses the offer and wants to hold out for a ridiculous figure. Can the owner be forced to sell?
Answer: The proposed changes to the QLD legislation would allow a scheme to terminate with a 75% agreement threshold, but only if ‘economic reasons’ exist.
The proposed changes to the QLD legislation would allow a scheme to terminate with a 75% agreement threshold, but only if there are ‘economic reasons’ to do so. I do not know if your situation is an ‘economic reason’, mainly because that term isn’t defined.
You can find out more about the proposed changes about terminating a body corporate in the recording of a recent webinar — Queensland Body Corporate Law Changes And What They Mean For You: Scheme Termination.
Chris Irons Strata Solve E: chris@stratasolve.com.au P: 0419 805 898