How would you go about 'selling' a H&L package?

Hi all,

I'm wondering if anyone had the experience putting down a non-refundable deposit to secure a H&L package, then having to 'sell' it to somebody else due to an unforeseen change in circumstances, by getting the deposit amount from the new would-be buyer?

In this situation, you would have only signed the 'Sales Advice' document which is not the contract, but basically a document advising what the non-refundable deposit is for: to secure the package, and to contribute towards the land and build contract deposit upon signing it.

Thanks in advance for all your input!

 

You don't really own it so you can't technically sell it.
You would need to speak to the seller, in this market they are sometimes more than happy to refund the deposit and sell it at a higher price to someone else, not always guaranteed though.
What % deposit have you put down or have you just put a minimum holding deposit down of a couple of thousand dollars?

 

Thanks for the reply. It's just a minimum holding deposit of several thousand dollars which in the grand scheme of things may not seem like much to some, but to me is not something I can afford to throw away so lightly.

 

Your solicitor is best to advise. It may fall under consumer law until its a contract. Some states prohibit a property sale being enforced until a contract is made and for unregistered land. eg NSW you have up to 5 business days AFTER making a contract to cool off and 10 days for OTP. It may or may not be a misrepresentation that its a non-refunable amount.

Its wise to always get legal advice before entering into such matters to ensure you understand the legal issues. Your money can be at risk. Its just like buying cars many people think you can put a deposit down then walk in a hour later and cancel. You can. But dont expect your money back.