Browse Forums Buying Land 1 Feb 18, 2022 9:31 am Hi All, We bought a block of land in Rothwell Estate(Stage 26) Tarneit, Victoria to build a Investment property in Oct 2017.However the land has not been titled for 5 years now. The developer is now pushing us to cancel the contract and wants to refund our 10% deposit. However the land prices have gone up substantially in the area. The developer is giving us reasons that due to outfall drainage issues, they have not being granted permission to access neighboring land, so they are unable to obtain approval from council in relation to develop the property. At this stage it is unclear whether it will ever be entitled to subdivide the property as contemplated under the contract. We don't know what are our rights under these circumstances. Should we just accept the money and move forward. Or should we hire a lawyer and fight for any losses. Is anyone else in similar situation ? Please suggest. Re: Land Not Subtitled after 5 Years : RothwellTarneit Victo 2Feb 18, 2022 2:57 pm Imagine if the developer put out some land for sale there, now knowing settlement seems impossible, do you think people are still willing to pay a current market price for it? "land prices have gone up substantially in the area" doesn't apply for that dead end. Sounds like you just want to turn your 10% deposit into 20%. How much is that? How much would a layer cost? I'm surprised that they are even giving back your 10% after 5 years. Re: Land Not Subtitled after 5 Years : RothwellTarneit Victo 3Feb 18, 2022 3:25 pm Hi Jason, thanks for replying, we have seen this happening before in the area, where the neighbor finally budges and sells his farm and suddenly the same block of land is now selling for 50K more. We bought for $225K and now similar blocks are selling from 285K in nearby estates. I am not wanting my deposit to turn into 20%, I just want to build there because I know it would be a good return in the long run as it is walking distance to a train station and other amenities. As far as getting back our 10% , well we have a contract and all the receipts of the payment. The purpose of this post is to find people who are affected and also understand what are our options. Re: Land Not Subtitled after 5 Years : RothwellTarneit Victo 4Feb 18, 2022 3:53 pm Jason526 Imagine if the developer put out some land for sale there, now knowing settlement seems impossible, do you think people are still willing to pay a current market price for it? "land prices have gone up substantially in the area" doesn't apply for that dead end. Sounds like you just want to turn your 10% deposit into 20%. How much is that? How much would a layer cost? I'm surprised that they are even giving back your 10% after 5 years. this is a scummy tactic used by developers often so that they can elicit funds for various development and levies before any real work starts, often relying on sunset clauses to claw contracts back, pay people some money back and then sell off the blocks for more. Its legal, but absolutely frowned upon by everyone. Why wouldnt somone who was expecting to build a home there want to be compensated? Have you heard of lost opportunity cost? They could have used those funds to buy elsewhere without losing their opportunity to doso at that cost. Imagine you didn't have a capital gains tax exemption on your personal home. same scenario. You'd end up in a more expensive market with money that doesn't get you a comparable outcome. Dark matter scientist, can breathe underwater, mind reader and can freeze matter just by willing it. Trust me, its in my sig. Re: Land Not Subtitled after 5 Years : RothwellTarneit Victo 5Jul 29, 2022 12:11 am Hi, Wondering how far did you go with the land title in old Rothwell estate. I am in same situation ,is there any solution to the sunset clause . if you have seen any legal team what was the advise. Joe, it depends on your certifier but we are noticing the ones we deal with are really cracking down. So i would recommend you follow your approved landscaping plans to… 4 11220 I had a similar issue with my fridge not too long ago. It wasn't the same model, but the symptoms were pretty much the same: the compressor would start and then stop… 3 8919 As per title, unsure if my land doesn’t have enough fill. The house on the left seems to have higher elevation. Not sure if the empty lot in between has just been… 0 688 |