Banks can refuse to finance properties where the plans show significant deviations from reality . If the sale goes through , however , buyers can also land in hot water if they want to renovate down the line . Council may refuse any new permissions , implement fines for unapproved structures , or even – in extreme cases – insist those structures are torn down .
Q4 .
WHO IS RESPONSIBLE FOR UPDATING THE APPROVED PLANS ?
While updating approved plans to match reality isn ’ t automatically the seller ’ s responsibility , it ’ s definitely best practice to get this done in advance of a sale . Not doing so risks alienating potential buyers , or even stopping sales in their tracks if the outdated plans cause lenders to refuse finance . Nobody wants to add extra
184 SEPTEMBER 2022 SA Real Estate Investor Magazine