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HELPP! I need to Exit Building Contract! Onsell??

Discussion in 'Development' started by kidgeeq2, 18th Sep, 2015.

  1. kidgeeq2

    kidgeeq2 New Member

    Joined:
    18th Sep, 2015
    Posts:
    3
    Location:
    Melbourne
    Hey fellow investors,

    I have purchased land and paid it off in full. I have entered into a building contract. I have paid a deposit of $2000 only. Final contracts have been signed and construction loan has been approved. Buildier is now in the process if acquiring Building permit from council. This process has taken a long time. The builder is WaterSun.


    I now wish to sell the land and building contract in a House and Land package type transaction. Legally, am I able to onsell a building contract to another person?

    How should this be done? Any help will be appreciated.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,957
    Location:
    Sydney
    What did you agree on?
     
  3. KateAshmor

    KateAshmor Victorian conveyancing lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    74
    Location:
    Melbourne
    Check the land purchase contract. It may prohibit you from selling within a certain period following settlement. This is common in new estates, so the developer can control the local market.