A 25-year contract originally sold by developer Meriton for hundreds of thousands of dollars, giving another company exclusive rights for property management and letting services in one of their multi-storey apartment complexes, has been cancelled by a tribunal in a first for NSW.
Apartment residents who successfully challenged the contract that earned Meriton an extra $310,000, in a practice that is now outlawed by the NSW Government, and which tied the home-owners to caretaker fees that ran into millions, now hope they have set a precedent that will help other apartment dwellers in a similar position.
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