Browse Forums General Discussion 1 May 03, 2011 6:46 pm Hi all, I was wondering if someone would be able to answer my question below: We are building a new home and have paid our initial non refundable $5K deposit. We have also paid our next deposit of $12550 on the 27/4 (this is our 5% deposit). Do you know if it is too late to get that 2nd deposit back and cancel our contract? The reason I ask this is because my husband and I are not happy at all with our builder and would prefer to spend our hard earned dollars with a better builder. Thanks in advance, ojaaynme Re: 5% deposit - Is it too late to get it back 2May 03, 2011 6:53 pm We pulled out with our original builder after paying the complete deposit. We were actually only days away from site start. I cannot remember the exact figures off the top of my head, but we had paid around 16 or 17k and we ended up losing around 6k from memory. That is a very rough guess as it was a while ago. We asked for and recieved a breakdown of costs incurred, and that was the money we lost. We have not regretted it for one minute. My advice is to trust your gut.... if you really believe this is not the builder for you, walk away. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: 5% deposit - Is it too late to get it back 3May 03, 2011 6:55 pm Thanks so much for the info Joles. I will speak with my husband tonight and see if he is happy for me to email the builder for the costs they have incurred so far and take it from there. Thanks again = ) Re: 5% deposit - Is it too late to get it back 4May 03, 2011 7:36 pm Here's a little tip - check that his license is current. If it's a small builder you'll find many aren't. Doesn't mean they cant do the job, just behind in the paperwork. This will help to bargain to get your money back....report him for accepting deposit etc.... Also, wait 48hrs and stop and think about it. Talk to a lawyer before you cancel. You are down $17K, $500 for a lawyer is money well spent. If you email him and say you want to cancel, his response will be "She didn't even have the good manners to call me, just got an email. Well, I'm keeping the money" Re: 5% deposit - Is it too late to get it back 5May 03, 2011 8:35 pm BuilderPaul "If you email him and say you want to cancel, his response will be "She didn't even have the good manners to call me, just got an email. Well, I'm keeping the money" I'm sorry but his has nothing to do with good manners. It relates to confidence in the builder and Legal requirements. My HIA contract states Five Clear business days from signing. Its on the inside of the cover. By that I think it means you have until tomorrow to cancel but there will still be costs involved. The costs are any costs incurred (soil test, site costs until now, survey costs etc + $100 (yes only $100) After the cooling off period it can be upto %20 of the contract costs depending on circumstances(I think, I 'm still re reading it) Edit: Also the only ways to cancel during the cooling off period are: (this is taken directly from my contract) 1. Personally, 2. Leaving it (the notice the contract has ended) at his or her address set out in the contract with a person who appears to be at least 16 years old, 3. Sending it by pre-paid registered post to the address set out in the contract, 4. Sending it by Facsimile to the fax number (if any) set out in the contract" The inside of the front cover is teh notice of cancellation Re: 5% deposit - Is it too late to get it back 6May 03, 2011 9:21 pm Wow thank you for the great responses - We are building with one of the big companies so I am sure they have a current licence. Thanks so much Chris and Kate for the valuable input, it has definitely helped me gain a further understanding of where we are at and now we know we have to act fast - Thanks again. Like I said the Occupancy Certificate is not the tollgate that marks the completion of the house. The contract defines… 7 10747 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4821 My land is 260m2 (10m x 26m) located in claymore NSW. Under campbelltown council. I know in general the following setbacks would apply ground floor side setback =… 0 6927 |