Browse Forums General Discussion 1 Oct 31, 2008 9:46 am We havent decided anything yet and we will most likely still be building but we have noticed property prices have come down quite a bit in one of the areas we were thinking of buying established but could not afford 6 months ago.
We have deposited on our land in the amounf of 17k. I know they have a rule that if you purchase land you must build on it and if you want to sell it then the land developer has the first right of purchasing it back. The land has gone up 20k since we bought it 5 months ago and will possibly go up again before it titles. I guess I am just wondering what the options might be if we decided to buy established. Would it be best to wait til title and then sell back to the developer or would it be possible to pull out with minimal loss of money? I dont want to ask the developer or the conveyancer as yet as nothing has been decided and it is most likely a pipe dream. Can anyone advise?? Thanks Re: Pulling out of a land deal would you lose your deposit? 2Oct 31, 2008 2:50 pm Why wouldn't you ask the conveyancer? You are paying their fees and they report to you. Answering your questions is part of the service. How else would you know your legal obligations, except for reading and interpreting your contract yourself? Re: Pulling out of a land deal would you lose your deposit? 3Nov 01, 2008 12:18 am So I'm assuming the land hasn't titled/settled yet?
In our case, when we had to pull out of our build the developer gave us back the deposit in full, no questions asked - but we hadn't titled yet, so it was officially still theirs. So, you would probably get your $17k back (though this is just IMO), but if you wait until it is titled you may get more if you resell it - but who knows what the market will be doing?? After 2 false starts, a year living overseas, two more world trips and 3 years of uncertainty we are now starting the build process again - hopefully for real this time! Re: Pulling out of a land deal would you lose your deposit? 4Nov 01, 2008 7:51 am It doesnt title for another 9 months. It has gone up already but the developer can buy it back at the purchase price if they want to.
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