We are looking at purchasing a unit in quite a large complex where there are a number of units being offered for sale.
It looks like the developer has gone under. The management rights have not been sold, and appears to be no one looking after the place. From the surface, it appears the body corporate has absolutely no funds as they have been soaked up by the receivers.
I realise this may be a bit out of the scope of a stock forum - but thought I would ask the question should anyone be able to offer some useful suggestions. We have never done this before and, I imagine, this is rather more complex than a normal mortgagee in possession house sale.
It's one thing to get something cheap, but not if there are hidden, large liabilities. BrisC comes to mind...
Just wondering if anyone knows any pitfalls to watch out for or any suggestions in general. Could there any potential hidden liabilities?