Browse Forums Building A New House 1 Sep 15, 2010 7:08 pm Hi guys and gals, I am new to H1 and I've got to say that this forum rocks!! I am a newbie when it comes to building a new house (amongst other things hehe..) and I've learned a lot from this forum (and still am learning). Anyways, My wife and I are looking to build our dream house and we have set our eyes on a block of land in Mernda Village. We've put down a $500 holding fee last Sunday and was promised a copy of the land contract on Tuesday/Wednesday. My wife rang the sales person today and was told that the contract is not ready and will probably be ready this coming Friday/Saturday. Our cooling-off period will end this coming Sunday and hence, if we do get the contract on Friday/Saturday, we won't have enough time to either read the contract ourselves or have a solicitor to go through it. We really love this piece of land and kind of heavy-hearted to let this go but we are not prepare to put down a deposit before we are absolutely sure what we are in for. Is it possible to extend the cooling-off period? What should we do, guys? please help..... Thanks in advance guys, Taz Re: Extending cooling-off period, is it possible? Please hel 2Sep 15, 2010 8:57 pm you might need to call their bluff. Ask for the cooling off period to be extended otherwise you will give notice to resind the contract = they either accept it or not. We did this with our land purchase as we needed more time to organise everything and they accepted Re: Extending cooling-off period, is it possible? Please hel 3Sep 15, 2010 10:05 pm We held a block for about 2 weeks when we started with the same developer (same conditions, $500 for 1 week hold). We asked for more time and they were more than accommodating. As long as they know your genuinely interested and all you need is time to review the land contract they should be fine. If your seeking legal advice from a solicitor on the contract before signing, you waive the cooling off period so this is a benefit to them. Otherwise, be creative. All you have done so far is placed down a holding deposit? If you need a few extra days, then stall (ie. say you will be in on Wednesday to sign the land contract and cant get in earlier due to work commitments or something). Use the extra few days for review. You also have a 3 clear business day cooling off period once you sign the land contract (provided you didn't seek independent advice from a solicitor before signing!) . If you drop out, you lose either 0.2% of the purchase price or $100, whichever is greater (check exactly with your contract). Could be worth the risk signing and potentially losing a few hundred $$$ than risk losing THE block. (I know how hard it is to find the right one!) Provided you have picked your house and know it will fit on the lot and that it meets all design guidelines, there shouldn't be anything in the land contract that should deter you from purchase (IMO). Good luck!. Re: Extending cooling-off period, is it possible? Please hel 4Sep 16, 2010 7:23 am I have a copy of the contract for that estate, it's for stage 10 but I imagine a lot of it would be the same throughout the stages, which stage did you buy in? Sierra is correct in that there is a further 3 day cooling off period once you sign the contract. If you want me to email the contract to you, shoot me a PM and I can. viewtopic.php?f=31&t=37229 - our Iris 4! Re: Extending cooling-off period, is it possible? Please hel 5Sep 16, 2010 12:43 pm Thank you for the suggestions Lunchtime, Sierra and Alex88!! We are coming back this Saturday to have a chat with the sales person and we might ask for a little bit more time (Didn't realize that they can be flexible with cooling-off period). As for the house, my wife and I are pretty much set on Henley Eclipse and are currently awaiting for a quotation from the sales person. Alex88: Thank you for your offer, and yes we would like to have a look at the contract. PM sent! Thanks again guys, Taz Re: Extending cooling-off period, is it possible? Please hel 6Sep 16, 2010 2:35 pm MAKE SURE YOUR QUOTE INCLUDES RAISED CEILINGS!!!!! Our sales person forgot, currently fighting with them, but it is an extra cost which you will need to factor in. viewtopic.php?f=31&t=37229 - our Iris 4! you need to understand the breakdown of warranties. 90 warranty is considered as minor defects rectification period where as the longer ones are more major/structural… 1 5351 If your patio is going to be 35 sqm then that's going to need Council Approval. The fact that they previously approved your 25sqm patio will be irelevant 1 5511 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 1698 |