When property is being purchased, either by a government body such as a local council or the Department of Education, or by a private entity, such as a mining company, it is said that it is being “Acquired”. The buyer will usually try to convince the land owner to only speak to a Valuer and may, if you are lucky, agree to pay the “value” that the Valuer comes up with. If the land owner agrees to this they will almost certainly have undersold their property and have been underpaid.
We won’t charge any fees unless we can get you a higher offer than any existing offer.
Private corporations like developers have to pay a certain price too, like governments, and like government departments the first price that is offered is often much lower than what you could actually get.
In one case handled by us Landcom offered $2 Million to land owners in Western Sydney and the owners obtained a Valuation of their property at $2.75 million. When the owners provided a copy of the Valuation Report to Landcom and asked for $2.75million Landcom withdrew their original offer. The owners then offered to accept the original offer of $2million but Landcom refused to put the offer back on the table. The owners then came and saw Bruce Coode here at Coode & Corry. It took 12 months of work but we eventually obtained a price of $4.8 Million for the landowners. This was a negotiated settlement, not a Court Order, and no proceedings had been commenced, Landcom agreed to pay the amount.
The difference was that the owners obtained different advice from Bruce in regard to both how the land component should be valued and what other amounts should be added to the land value as part of the total money payable to the land owners. Bruce also brought in a new Valuer, someone who was an expert in these types of cases. The new Valuer and Bruce worked together to work out the best way to value the property and they came up with a valuation of $4million. Bruce then was able to increase the land owners claim by adding to that figure amounts for several other things that the land owners were entitled to, so that the total claim was $4.8 Million. The new claim was much higher than the original claim but was absolutely in accordance with legal precedents as to how the valuation exercise in that case should be approached. The new Valuer did not attempt to come to a conclusion as to the value to be attributed to the land until he had the benefit of the input from Bruce and another expert brought in by Bruce.
If your property is being Acquired by a private company then there are special rules that also apply which can mean that the amount that they will pay is a lot more than the “value” of your property.
We urge any land owner who’s property has been rezoned or who has received a notice that their property is to be Acquired (purchased/resumed) to consult someone who knows what the owners may be entitled to receive and who will work hard to get the owner the best possible result.
Here at Coode & Corry, Bruce will give any new client a free initial interview during which you can discuss what would be the best way forward.
Governments, local councils, and private companies have limited budgets and it is in their interest for them to try and keep the price they have to pay you as low as possible. It is unrealistic to think that they will offer to pay you the best price voluntarily out of the goodness of their hearts. You have to know what you are entitled to and how to get it in order to receive your full entitlements.
Bruce Coode has extensive experience in all property matters, having acted during his career for many individuals purchasing or selling a house, applying to Council for various approvals, as well as assisting clients who are the subject of a compulsory acquisition.
In addition to working for individual clients in private practice as a solicitor for all that time, he was a legal advisor to three local councils for many years, and has lectured in real estate law at university. He understands more than just your basic conveyance, and is well equipped to assist you with all aspects of your property transactions.