Browse Forums General Discussion 1 Jan 03, 2011 5:56 pm Hi there new land owner can anyone enlighten me. Our title has been delayed YET AGAIN is there anyway we can get compenstation froim the developer as we are now being charged penalty rates from the builder. The developer will notbuy the land vback so we are stuck. Re: Compenstation from land developers for late titles 2Jan 03, 2011 5:59 pm Check your contract. Usually they cover themselves.... by having a clause giving them say 18 or 24 months to title. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Compenstation from land developers for late titles 4Jan 03, 2011 8:55 pm queenie Thanks I will look at my contract.....I must say that I haven't noticed any clause when I first read it They ALWAYS have a clause. And the indignity of it, if they go past an expiry point, they can charge you more for the land or you get your deposit back and forfeit the land (I waited a shade under 4 years to get titles on one block I bought and had to pay an extra $30k for what I signed for). I feel ya pain..... Re: Compenstation from land developers for late titles 5Jan 03, 2011 9:23 pm OMG I hope that this dosen't happen to me......I am going to look at the contract with a very keen eye.......surely none of this can been legal its like robbery...perhaps its differant in Victoria.....You could have invested the money and made 30K Re: Compenstation from land developers for late titles 6Jan 04, 2011 12:11 am I'd be surprised if it's not in your contract. Mine had a sunset clause, I believe it was something like 24 months to title the lands otherwise either party could break the contract - basically meaning what Huggy_B said, where you can either get your deposit and move on, or they can withdraw from the contract and enter into a new one at a higher price. I was lucky in that mine was only 3 months overdue, and we didn't get unconditional finance until a month before (which the builder was aware of the timeline) due to lending criteria regarding genuine savings. viewtopic.php?f=31&t=37229 - our Iris 4! Re: Compenstation from land developers for late titles 7Jan 06, 2011 8:06 pm I was pretty lucky, my clause had that from 18 months of buying the land (Deposit) if the land still had not settled, the developer could TAKE the land back from me (with approval from myself though) Still, that meant that I could loose the land because of their slackness Luckily I got the land 16 months after purchase Re: Compenstation from land developers for late titles 8Jan 07, 2011 7:15 am These land contracts are ridiculous really. But as long as there is demand there, they have no incentive to change them. It's only when there's too much land available that buyers can start to negotiate. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: Compenstation from land developers for late titles 9Jan 07, 2011 7:47 am Victoria_g06 I was pretty lucky, my clause had that from 18 months of buying the land (Deposit) if the land still had not settled, the developer could TAKE the land back from me (with approval from myself though) Still, that meant that I could loose the land because of their slackness Luckily I got the land 16 months after purchase I think this is a standard clause in most land sale contracts, it's dependent upon the land getting a title, not upon settlement. It also gives the buyer an 'out' if the developer doesn't get the subdivision titled within a reasonable period of time. Unfortunately most buyers don't want to get out of their contracts, once we have signed the contract we want that land! OP I hope your land titles soon. Re: Compenstation from land developers for late titles 10Jan 07, 2011 8:06 am queenie Hi there new land owner can anyone enlighten me. Our title has been delayed YET AGAIN is there anyway we can get compenstation froim the developer as we are now being charged penalty rates from the builder. The developer will notbuy the land vback so we are stuck. What stage are you in queen? I feel bad for you, but id bet my bottom dollar the developer has covered their butt pretty well... My building thread : viewtopic.php?f=31&t=36059 Paid initial deposit 24/7/10 Tender appointment 20/8/2010 Flooring and tile appointment 25/9/10 Colour and Electrical appointment 13/9/10 December site start delayed Site start (YAY!) 17/1/11 Slab pour 1/2/2011 Re: Compenstation from land developers for late titles 11Jan 07, 2011 12:14 pm Some builders are nicer than others when it comes to charging penalties for delays outside the owner's control. Our land settlement was delayed by quite a bit, and our builder just kept moving the start date back, no dramas. The house price did increase slightly, but we knew that was going to happen from the start if construction didn't begin by a certain date. Legislation in these areas really needs to be changed, so that buyers can't be penalised for things they have absolutely no control over. Re: Compenstation from land developers for late titles 12Jan 07, 2011 1:01 pm building1 Some builders are nicer than others when it comes to charging penalties for delays outside the owner's control. Our land settlement was delayed by quite a bit, and our builder just kept moving the start date back, no dramas. The house price did increase slightly, but we knew that was going to happen from the start if construction didn't begin by a certain date. Legislation in these areas really needs to be changed, so that buyers can't be penalised for things they have absolutely no control over. I am not sure how this argument ("things they [buyers] have absolutely no control over") would stand in this particular case. Indeed one could ask "why did you sign a contract to build when your land was not yet registered?". Having said that I think it would fair that developers have to compensate a buyer for delayed registration rather than just giving the buyer the right to cancel the contract. In a sense this would be similar to the "liquidated damage" in a construction contract. DKP Like I said the Occupancy Certificate is not the tollgate that marks the completion of the house. The contract defines… 7 10715 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6393 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24830 |