Sellers disclosure obligations

[Albi78]

Hi people, I'm after some input in relation to disclosure obligations of the seller relating to the sale of residential properties.
We recently purchased a new residential property which had been completed by an owner/builder a few months prior to the purchase date. At the time of completion the dividing fences of the surrounding properties were completed and erect.
We recently recieved a claim from the owner of a neighbouring property requesting our contribution to the cost of one of the dividing fences as a claim had not previously been made against the first owner.
What are your thoughts as to whether this "outstanding fee" should have been disclosed by the seller prior to settlement?
Any feedback would be greatly appreciated, cheers.

[jbocker]

Interesting question. How do you know they had not paid? What of any other work that was done by a tradesperson for example.
You would assume that all bills had been paid, Is there no way you can have this sent to the original owner?
I mean if there were outstanding shire/gas/power bills they are not your problem.

I would be talking to the Settlement and RE agents to see where they think you stand. There are some standard docs (general conditions issued by state govts) on sale of land / houses that might help. In WA it is mandatory that you are given this when you are making an offer/acceptance.

Just to add there are probably guidelines to fencing and costs, the original owner may not have agreed to the fence, even so there is probably a minimum fence requirement that a neighbor has to contribute to. Maybe look to the local shire for those requirements and I am sure there is plenty of other info to help you out on this, reckon it happens lots of times.

[alyna]

“Disclosure statement” means a written statement prepared by the seller or at the seller’s direction, that purports to fully and accurately disclose all material facts relating to the residential real property being offered for sale that:

Are within the knowledge or control of the seller;
Can be observed from visible, accessible areas; or
Are required to be disclosed under section 508D-15.

Except for the disclosures required under section 508D-15, no seller shall have any duty to examine any public records when preparing a disclosure statement.

[jayarr]

In accordance with article 8 of the Luxembourg law of January 11, 2008 any shareholder or FDR holder acquiring or disposing of shares or FDRs respectively, is required to inform the company and the Commission de Surveillance du Secteur Financier within 4 business days of the proportion of voting rights held as a result of such acquisition or disposal where that proportion reaches, exceeds or falls below the thresholds of 5%, 10%, 15%, 20%, 25%, 33 1/3% 50% or 66 2/3%.

Further to the transitional provisions of the Luxembourg law of January 11, 2008, shareholders and FDR holders shall also inform the company of the proportion of voting rights held, unless they have already made previously a notification concerning equivalent information.

The number of shares used as the basis for calculating these percentages is 499,477,695, being the total of class A shares and class B shares in issue.