Hi All,
I am currently looking at purchasing a property that already has plans and permits. My main concern is, is there an ‘expiry’ date so to speak on the plans and permits or are they valid indefinitely? Aside from this are there any items that I should be concerned about when purchasing such a property?
Thanks
Generally yes, some permits will have an expiry date. (eg Plan of Subdivision must be lodged with the title office within (say) 5 years, or it will lapse)
You must also ask yourself why the vendor has taken it this far, and not to completion – it may be that there's not the profit in it they thought, or mistakes have been made…don't assume it's a walk in and all the work has been done, so you can bank the profit…
Due dilligence all the way. Good luck!
Planning permits (or DAs) do expire, and that expiry date will generally be explicit in the documentation.
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