Browse Forums General Discussion 1 Jul 16, 2015 4:08 pm Hi All, I purchased some land back in December last year which will not title until December this year. I want to know if there are any ways of getting out of this without losing my entire deposit which was $8,000.00. I cant recall if I signed subject to finance but is it beyond that point now? If my bank says we cant give you a loan will they possible release me from the contract? Any suggestions would be appreciated. Thanks Re: GETTING OUT OF A LAND CONTRACT 2Jul 16, 2015 4:16 pm Generally finance clauses only give you 14 days or so to get approval from the date of contract. So I don't think you will get out of it that way. You may be better just waiting until settlement, settling, and then putting it straight back on the market for sale, if you really don't want the block. My blog: tashandpaul.wordpress.com Re: GETTING OUT OF A LAND CONTRACT 3Jul 16, 2015 4:19 pm Its not that I don't want the block, its because I moved in with my parents and took my delightful two small children with me and it was supposed to be for a limited time and its just getting a bit to much now. I am thinking about writing to the developer to see if they will let me out of the contract without penalty. Re: GETTING OUT OF A LAND CONTRACT 4Jul 16, 2015 6:31 pm It's really not possible to get out of the contract ... unless it goes over the sunset clause period. The only way I think they would let you out is if the land price has risen a lot and they think they can sell it to someone else for more then you were suppose to pay. Re: GETTING OUT OF A LAND CONTRACT 6Jul 16, 2015 6:54 pm Kalkallo, it's 400m2 and I paid $161,000 and I get $5000 cash back when I do my fences. Re: GETTING OUT OF A LAND CONTRACT 7Jul 17, 2015 9:11 am The developer won't talk to you you solicitor will have to do that. Read your contract ask your solicitor to find a way out of the contract our contract was sugned with obligation to purchase settlement of land was 1week from registration. I think you will find you will have to pay for the land, if the bank won't give you the loan you are up **** creek the you will lose your deposit for legal costs the developer has incured to release you. Re: GETTING OUT OF A LAND CONTRACT 9Jul 17, 2015 10:15 am If its untitled, then the get out of the contract finance clause should still be valid, it should be intertwined with that expected date. I know on my land contract it is! Re: GETTING OUT OF A LAND CONTRACT 10Jul 20, 2015 12:50 pm Helpmeplease I cant recall if I signed subject to finance but is it beyond that point now? Thanks Doesnt sound like you really care if you dont know that detail. Just wear it on the chin...sounds like you have plenty of money. Re: GETTING OUT OF A LAND CONTRACT 11Jul 30, 2015 1:34 pm I purchased a house and land package. During the contract process, our lawyer included a clause in the land contract that we will be receiving our deposit back if things occurred such as bank didn't approve the loan due to the house value is less than the valuation value, the land doesn't settle within the set time etc. If you have such clause in your contract, you may be able to get out of it and get your deposit back. Re: GETTING OUT OF A LAND CONTRACT 12Jun 29, 2017 11:26 pm Helpmeplease Kalkallo, it's 400m2 and I paid $161,000 and I get $5000 cash back when I do my fences. You bought from kallo you can transfer it to someone and get your money back and you get out from your contract let me know if you need help with process Re: GETTING OUT OF A LAND CONTRACT 13Jun 29, 2017 11:42 pm Helpmeplease Hi All, I purchased some land back in December last year which will not title until December this year. I want to know if there are any ways of getting out of this without losing my entire deposit which was $8,000.00. I cant recall if I signed subject to finance but is it beyond that point now? If my bank says we cant give you a loan will they possible release me from the contract? Any suggestions would be appreciated. Thanks You can transfer it to someone's name and get the money back let me know if you need any help with process Re: GETTING OUT OF A LAND CONTRACT 14Jun 29, 2017 11:43 pm Helpmeplease Hi All, I purchased some land back in December last year which will not title until December this year. I want to know if there are any ways of getting out of this without losing my entire deposit which was $8,000.00. I cant recall if I signed subject to finance but is it beyond that point now? If my bank says we cant give you a loan will they possible release me from the contract? Any suggestions would be appreciated. Thanks GETTING OUT OF A LAND CONTRACT 16Jun 30, 2017 12:15 am Which state are you in? Laws and contracts vary from state to state. I'm in Victoria and have property law experience. You may be able to onsell but will need to sell at a profit as you'll still have to bear stamp duty. You may be able to nominate to avoid this, but there's strict rules surrounding this. Your solicitor will be able to best advise you on this. Re: GETTING OUT OF A LAND CONTRACT 17Jun 30, 2017 4:27 pm Mrs_W Which state are you in? Laws and contracts vary from state to state. I'm in Victoria and have property law experience. You may be able to onsell but will need to sell at a profit as you'll still have to bear stamp duty. You may be able to nominate to avoid this, but there's strict rules surrounding this. Your solicitor will be able to best advise you on this. I m in Victoria as well 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 28800 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16556 Use a product like Equisol's Vitalise to clean the deck then coat with a penetrating timber oil. It will look 10 years younger and add value to your home. Visit for… 1 15793 |