All Topics / Help Needed! / Vendor has rescind the contract is there any legal recourse.

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of terencedasilvaterencedasilva
    Member
    @terencedasilva
    Join Date: 2010
    Post Count: 5
    March 3, 2011 - 2:56 am

    Hi All

    I hope you can help me

    I purchased a off plan property from the vendor nearly two years ago. Now that the contract is reaching its end the vendor wants to recind the contract and up the price. do I have any legal recourse here ?

    This property was purchased during the additional incentive period for first home buyers. This would mean that we would loose this as well as the gain on the property over the last two years!

    Any help here would be greatly appreciated.

    Profile photo of luke86luke86
    Participant
    @luke86
    Join Date: 2010
    Post Count: 470
    March 3, 2011 - 3:00 am

    But you have a contract, on what grounds are they terminating it??

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 3, 2011 - 3:06 am
    terencedasilva wrote:
    Hi All

    I hope you can help me

    I purchased a off plan property from the vendor nearly two years ago. Now that the contract is reaching its end the vendor wants to recind the contract and up the price. do I have any legal recourse here ?

    This property was purchased during the additional incentive period for first home buyers. This would mean that we would loose this as well as the gain on the property over the last two years!

    Any help here would be greatly appreciated.

    Call you conveyancer/solicitor ASAP. If contracts have exchanged I’d assume you’d be entitled to some form of compensation. However, developers can often work anything into a contract – so get in touch with the experts and seek advice.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of terencedasilvaterencedasilva
    Member
    @terencedasilva
    Join Date: 2010
    Post Count: 5
    March 3, 2011 - 5:25 am

    Thanks I have contacted my conveyancer and they will look into it for me but it looks like I may just get my deposit back.
    there is a clause in the contract

    if the plan of subdivision is not registered within twenty four months after the date of sale , either the purchaser or the vendor may after the expiration of that twenty four months but before the plan of subdivision is so registered recind this contract by notice in writing to the other party and the deposit shall then be repaid to the purchaser in full.

    looks like i’ve been caught by a bad developer!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 3, 2011 - 5:39 am

    Why use a conveyancer??

    Looks like you have been caught out by a sunset clause. This was in the contract when you signed and you accepted it. You would have had the chance to negotiate a longer period during your initial negotiations.

    It is best to use a lawyer I think.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    March 3, 2011 - 8:10 am

    bit of a bee in the bonnet with Conveyancers today Terry?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 3, 2011 - 9:31 am
    Scott No Mates wrote:
    bit of a bee in the bonnet with Conveyancers today Terry?

    Ha ha. Yes, my second post bagging them!

    I actually am using a conveyancer for the sale of a property – but I am a solicitor and know the law so am just using one to to the actual conveyance – changing titles. Its not worth the hassle. But for the average person what if they need some legal advice along the way too, or what if something goes wrong?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of terencedasilvaterencedasilva
    Member
    @terencedasilva
    Join Date: 2010
    Post Count: 5
    March 7, 2011 - 3:14 am

    Anyone know of a good lawyer dealing in Property in the SE melbourne area?

Viewing 8 posts - 1 through 8 (of 8 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.