Backing out of sale contract

What could the OP, or an investor be able to do to find out if a developer was proposing to buy the block? This isn't answering the OPs question but more of a "How to be prepared for it" if it were to happen to us.

 

@FirstTimeBuyer - there's absolutely nothing that you can do, it's a private transaction.

As a property owner, you can prepare yourself by reading all council agendas with respect to planning proposals, rezoning, changes to zoning maps, density/fsr maps etc

 

@King if the shoe was on the other foot and you were aware of a house about to be rezoned and owner wasn't, would you be happy if he/she found out after and tried to get out of sales contract? You mightve even made other commitments by then.

Thats what youre doing atm, be it to developer or neighbour.

Can understand your frustration but if i was developer and you cost me a fair bit of $$ doing this id be tempted to spend a decent chunk on legal proceedings (despite my claim likely to be valid only against your neighbour) to take a good chunk of your extra $$ you woild gain by this out of your pockets.

 

Oooooh! The neighbour bought under market! How rude.

 

If the purchaser does not have some sort of relationship to the seller I cannot see any legal avenues to dispute this.

It is like buying apples for $3per kg and reselling them for $6 per Kg

 

good points guys... meeting the lawyer at the end of the week...

 

Hey Blueskies, what happened with that situation? Did you have to go to court?

 

No, they tried the "sick relative" card, and the "we've spoken to our barrister" card, but i just expressed my sympathies and held them to the contract. That and made sure all my ducks were in a row for settlement to go through smoothly, couldn't afford any delay on settlement day that would give them an excuse to back out. Kudos to @RPI s team at Certus for that one.

 

Cheers. Glad my team could sort it for you.

 

Another happy customer here too