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Adjustment for cladding agreements

Adjustment for cladding agreements

By Russell Cocks

Real Property 

Recent concern about defective cladding used in the construction of high-rise residential buildings has resulted in the government adopting a legislative solution. This may provide some solace to the unfortunate unit owners who are faced with massive rectification costs, but it also has an impact on third-party purchasers of such properties. After a lengthy inquiry in relation to the cause and consequences of the defective cladding material it became clear that any solution that depended upon allocation of blame would involve years of legal proceedings and an immediate solution had to be found to allow the owners of units affected by the defective cladding to move on with their lives.

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