Hi All,
We secured a land in December 2013 and paid the initial deposit of 5% when we sign the contract in March 2014 for a land in Schofields, NSW. Our sunset date was set to mid-January with the common clause saying either party can rescind the contract if the land is not registered before the sun set date. Exactly the day before the sun set date developer said they want to rescind the contract as they couldn’t complete..!!! (Contract allows them to take another 03 months in case of unavoidable situation).
As we all know the land prices in North-West is sky-rocketing without any control which makes the land I wanted to buy $100,000+ more than the price we agreed to buy. I heard this happens a lot in new developing areas and has become a kind of scam – that developers take your money, drag the development, rescind the contract and sell it for lot more.
We might get our money back, but as a first home buyer who totally depend on a bank loan now I cannot afford even a 3/4 size land of what I tried to buy. Making it worse I have tender in place to build the house. All our plans, effort and time is a total waste.
Any advises? Where to complain/get help etc.? Do you know anyone that has won a court case on such situation?
Thanks!