Hi,
I have bought an apartment (off the plan). It has been a year now. I would like to seek the PI expert here on the following:1) How to cancel the contract of sales without losing the 10% deposit?
2) The developer has not indicated in “black and white” on when the apartment will be ready, can they do that?The reason I like to cancel the sale is that it is taking too long to build and I am changing job – this may have impact my loan application should the apartment is ready when I am in the process of changin job. Therefore my thougth is to cancel this contact, stablise my in job and than look for a new property again.
What’s everyone view?[blush2]Thank you.
Regards
Thomasinteresting question. Where abouts is the apartment? if its in victoria, I can tell you more.
Also, is the vendor/developer in breach of the contract in any way? Whether you will lose the deposit or not depends on a few different variables. I have been in this position before. It would be a good idea to consult your solicitor on this
Yes it is in Melbourne. Is the vendor in breach of the contract – not really. The problem is the contract did not state the time line and it is an overlook on my side. hmm also my solicitor I suppose.
Is that legal not to put the delivery date.You cannot just break a contract, they are legally binding. You have to look for a sunset clause in the contract. I am not sure if all contracts for off the plan proeprty would have these. Basically it is a clause which states that if the property is not completed by xxx, then either party may rescind the contract. Have a good read of your contract and see if you can find anything like this.
A similar thing happened to me years ago. That is the trouble with buying off th plan, you are locked in and things do change. And because you are locked in, you tend to not to be able to invest in the meantime.
Terryw
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Hmm, look like there is a gap in the system. Wondering why no one highlighted this to the builder governance organisation.
In all project there should always be start and end date. I guess this an learning to be captured. Saving on stamp duty may end up losing interest and opportunity to invest.I don’t’ know anythinga bout “off the plan” buying, but is there anything stopping you selling your “off the plan unit” now? I know it’s not built but you bought it that way, can you sell it that way too?
Well, I can sell it but the process is not simple and risky. Maybe I should subit a complaint to the consumer affair.
Property developer out there, do you agree so?
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