Jun 03, 2019 1:02 am
I am newbie and thanks for reading my post.
I am locked in to buy a land in Elara Marsden Park from January 2019. My cooling off period is over long ago and due to changed situation, I now want to buy a bigger land. I contacted Stockland, they told me I can not release my current land and get a bigger one. I already paid 5% of total value of the land. Settlement will happen next year February. I will talk with my solicitor regarding this.
Advise request - 1. Can I cancel now? 2. If I cancel, can I get my 5% or anything of my deposit back without showing that bank refused to finance?
Re: Cancelling a locked in land contract2
Jun 14, 2019 12:00 am
The short answer is 1. Yes you can cancel and 2. It's unlikely that you will get your money back if you are the willing party in the cancelling process.
You can have your broker give you a letter saying that you cannot get the finance and see if they would bite. But I don't like your chances.
I would suggest that you speak with your solicitor and determine what your options are...
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