would someone be kind enough to explain how on-selling off the plan property, that has been secured by a bank guarantee works?
Hi venusgirl, welcome to the forum.
Am I right in thinking that you have purchased in this way? Basically, the ‘deposit’ be it cash, dep bond or bank guarantee doesn’t affect the onsale at all.
The contract is slightly different though. In the special conditions your solicitor basically spells out that you have bought off the plan, and that you will give the new buyer only about 10 days to complete once notice has been issued (you get 14 days, so it allows some turnaround time for the paperwork).
As far as selling it goes, you can sell it yourself, or give it to any agent to sell. Only problem will be that until it is complete, or there is a display unit, you cannot ‘show’ prospective buyers the unit. If you use a different agent than whom you bought from, it can be a little trickier. I’m not sure how the ‘display unit’ works, but I would think that only the initial selling agent has keys to it, so your buyer would need to have a look during the other agents open for inspection times.
Cheers
MelHi Venusgirl,
If you want to make it a win – no lose situation look for a builder who needs to have some off the plan sales in order to obtain finance.
If he is anxious or desperate enough you may be able to get a contract which allows you to opt out of the agreement at anyone time if you so desire. [:o)]
Pisces
Also be aware that you will not get your profit until the place settles – which is often a while.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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