Browse Forums General Discussion 1 Jan 29, 2009 6:43 pm Hello all,
Has anyone pulled out of their New Homes Contract (HIA or MBAV contract) with their builder before? I signed my contract last year and want to pull out now due to financial reasons. If you have pulled out can you tell me what was the outcome eg. penalty, costs, did you have to go to court etc. I understand I will lose my deposit but is it easy to get out or do I have to go through with building and can't get out. Just want to know whether other people pulled out of their building contract before as I don't know if it's allowable. Thanks in advance for sharing. Re: Pulling Out of Building Contract 2Jan 29, 2009 6:46 pm I pulled out a couple of weeks before site start. We'd paid 5%.... 16k approx.... they offered us 9.5k... then they offered 12.5k.
But we could prove they were completely incompetent so we had people within the company helping us to get out. If you explain your situation, they should let you out easily. Jo I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Pulling Out of Building Contract 3Jan 29, 2009 7:23 pm Thanks Joles and glad you got out of it and your money back. I wonder if I can get out due to finance as our contract is not subject to it.
Is it necessary to have a very good reason to cancel contract or can you just cancel and lose the deposit, and move on? Nothing has been done so far such as building permit, soil test etc as we are awaiting for land release. We signed early to lock in price. Thanks in advance. Re: Pulling Out of Building Contract 4Jan 29, 2009 7:46 pm I think a little pragmatism will have to be shown on the part of the builder.
They have no interest in pursuing someone who cannot pay their bills ( they shouldn't anyway...). 100% of $0.00 is still $0.00. However, generally you will have to pay for the costs they have incurred to date. Re: Pulling Out of Building Contract 5Jan 31, 2009 2:01 am 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 Building Contract 6Jan 31, 2009 8:54 pm Hi all,
Thank you for your replies and I will update the outcomes once everything finishes. In the meantime, if anybody else have similar experience could you please share as I am certain it will help others in the future. Thank you all very much for sharing your experiences. Unless there is something in special conditions the builder does not have to give you timeline. If your demolition contractor has not removed Asbestos and it was found… 12 29079 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16957 I've decided, after a period of confusion (my building broker told me it's probably not worth it to use a lawyer, but others have said it is a must) that I definitely will… 7 28140 |