Hi,
We signed up to a contract for a block of land at Skyline Estate in Deer Park mid 2009, and settlement was promised to be at Dec of 09. Due to unknown reasons the settlement was moved a number of times, and a number of times.
Just recently, we received a letter from our solicitor that the vendor is cancelling the contract. They cited the clause in the contract on which if no settlement happens within 18 months the vendor has the right to cancel the contract and return the down payment without interest.
Would like to know if there are also other contract holder of Skyline Estate that had its contract cancelled by the vendor.
Also, its not all contract of stage 4 and 5 we're cancelled. A friend of mine who signed a similar contract on the same stage, had its contract extended, and was not cancelled.
The value of the property had risen since we first signed the contract back in 2009, and they are now putting these blocks to the market as much as 50t - 100t increase of the original price.
The developer is Charles LLoyd Property Group (http://www.charleslloyd.com.au/)