Browse Forums Building A New House 1 May 30, 2017 11:46 pm Hello! I put a deposit on a block of land in January with the knowledge that titles were not yet issued. The original time frame for titles was March, but was pushed back to June. I expected it to be delayed and was prepared to wait a few months. I have just found out that it has been delayed again and that title revision has now been put in place until November this year I am not hopeful that November would mean titles, and fear that with the break over Christmas it could easily be pushed back to early/mid 2018. I've spoken to my builder who has located a larger block of land for the same price that already has titles. Needless to say I am interested in the new block of land as it adds another 6m onto my backyard, doesn't have as big of a driveway set back, and does not require the house to be flipped as there is no garage specifications. Also it is titled! My question for you guys, is what are the consequences to me terminating my existing contract with the developer? I have paid a $1000 deposit and signed the documents back in January. We have not applied for finance as of yet, and I cannot locate a sunset clause in my contract. The cooling off period was 15 days. Any help would be much appreciated! Re: Land Titles - delays and options to terminate 2May 30, 2017 11:51 pm You will need to definitely speak to your solicitor. You said you put down $1,000. Did you sign a land contract because to exchange on $1,000 is rarely heard of. Where are you buying? Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Re: Land Titles - delays and options to terminate 3May 31, 2017 12:16 am Thanks for the reply Bruce. I signed a contract for sale of land or strata title by offer and acceptance document. I also initialled documents regarding special conditions, lot diagrams and a disclosure of authority form. I have engaged my solicitor to get her advice on what I should do next. Hopefully she has some good news. Re: Land Titles - delays and options to terminate 4May 31, 2017 12:17 am J278 Thanks for the reply Bruce. I signed a contract for sale of land or strata title by offer and acceptance document. I also initialled documents regarding special conditions, lot diagrams and a disclosure of authority form. I have engaged my solicitor to get her advice on what I should do next. Hopefully she has some good news. Good luck! Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Re: Land Titles - delays and options to terminate 5May 31, 2017 1:54 pm Is the new block in the same estate? Generally they will allow you to transfer holding deposit over to a separate block with no penalty. Otherwise, you will lose the $1000 as far as I am aware. Re: Land Titles - delays and options to terminate 6May 31, 2017 3:27 pm We bought our land in Sept 2013; settlement was supposed to be May 2014. We settled on it in October 2015. We are happy now as we have moved in but the delays killed me. Good luck with changing blocks. My blog: tashandpaul.wordpress.com Re: Land Titles - delays and options to terminate 7May 31, 2017 3:31 pm I would assume the contract is still conditional to finance? If so you didn't get finance.. easy! Re: Land Titles - delays and options to terminate 8May 31, 2017 3:52 pm 1st time builders I would assume the contract is still conditional to finance? If so you didn't get finance.. easy! If your buying in QLD, you will need to provide proof to the Vendor Solicitor that you cannot get finance to get the termination under the finance clause. As I don't know what state your matter is in I won't be able to assist much. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au Sorry but you have a crap builder. Probably too late now. For our last build I only spoke to builders who would allow me easy access (at no cost). I used my own sparky… 10 9804 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 81667 In fairness nobody gave a crap about the ACCC and the gag clauses continued in the pro forma templates of a few other builders after the ACCC took on Wisdom, and more… 19 73284 |