In August 2012 we signed a contract and paid a 10% deposit for a block of land (NW of Melbourne). Titles where supposed to be released Feb 2013……
To date (July 2013) nothing has been done, no progress, or an application with the council, nothing.
We are not able to get an answer from the developer or his conveyancer about when they expect titles to be released. Is this common practise??
There is a possibility for us as well as the developer to get out of the contract after 18 months. Is there anyone at this forum who has done this? If so what where the disadvantages?
Just a bit more info, we have not signed any other contract than the one for a block of land. The 10% deposit sits in an account from a local real estate agent. At this moment 3 out of the initial 10 blocks are sold (4 additional blocks will follow, 2nd fase).