3 years ago I put a deposit on a block of land in Stage 8 (the last stage) in Tarneit, West Melbourne, that was to settle in 4 years. The developer informed me 5 mths ago that Stages 7 and 8 were to be developed before Stages 5 and 6 because of connection of services.
This has meant that settlement has been brought forward by a year and caught me out with some of my loans fixed until Jan 2012 so not being able to refinance without it costing me $15,000.
I stand to lose my deposit of $16,500 because of this. The settlement agent rang last Friday to let me know that settlement would now be on 3rd August 2011. I have not received this information in writing (surely that is necessary). I have been trying to find a nominee to take over the contract over the last few months and in discussing these changes with Real Estate agent and builders in the area, they think it sounds a bit dodgy.
If there is a Property Lawyer out the that knows the procedures in this situation I would welcome your advice.
Kind Regards
AnitaYou should read the whole contract and see if they have complied. They probably notified your lawyer in writing that the settlement is due.
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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