Hi,
I’m not happy about this one…we have been trying to get out of our OTP unit purchase for a while now, and had resigned to the fact that the only way out is if the sunset clause was breached. This is 31 June 2005. I spoke to the project manager of the development, and he saus the completion date is now August 2005, but they can change the sunset clause by upto 3 months due to “unforseen circumstances” e.g. bad weather..
Is this true?? I thought we had a route out, but now it seems we are as stuck as we were previosuly. What is the point of a sunset clause!!??
You need to take your contract and talk to a lawyer. There could be a whole range of issues eg who determines if they are entitled to an extension, have they failed to do enough in good weather. This is all going to depend on the wording of not only your ‘sunset’ clause but also other parts of the contract. Other issues about quality of specifications etc might need to be considered.
You might need to instruct a solicitor experienced in building/construction disputes.
If you’re going to try and get out of the contract, and presumably the Vendor wants you to stick to it, there are going to be costs involved. You should consider doing a cost-benefit analysis to see whether the costs of trying to/getting out of the contract are cheaper than your presumaed loss on settling at the contract price.
I got out of an contract due to the sunset clause (in Vic) without any mention of a 3 month extension I think it owuld depend on what is in the contract.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
