Browse Forums Building A New House 1 May 19, 2012 8:21 am (Sorry to those that might be reading this twice, I changed the title so readers have a better understanding of what's in the thread) What happens when you have signed contracts with builder and bank and a very large spanner is thrown in the works and the build is no longer required? Building is to be on land owned, so not house and land package and building hasn't started as yet. What do you lose if you cancel the contracts with both builder and bank? Is it just the deposit paid to builder and various fee's from the bank? Building in Bacchus Re: Help! Want to cancel contract before building starts 2May 19, 2012 9:29 am Depending on your contact I think the builder will charge for costs incurd to date, things like drafting, permits etc. If you have not drawn down the loan yet then there are no fees I think, if you have taken funds then it will have to be paid out and there is usually a fee to release the land. Best advice would be to contact the builder and bank and see what they say, if it seems reasonable take it otherwise you will have to seek legal advice from a lawyer 2 Re: Help! Want to cancel contract before building starts 3May 19, 2012 4:17 pm If it's a breach of contract builder will be entitled damages for loss of profit that he would have made plus value of work done. Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Thanks for the response! However, it's have been sorted. But for others benefit here is what we had to do. Unfortunately, it's not straightforward. BCC washed their hands… 3 7204 Hi All, We signed a prelim agreement last year (May 2022) and paid deposit to a builder. However, we didn't go ahead with them and never signed a contract. We ended going… 0 2309 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16556 |