Legal Tip 37: Don’t count of contracts completing

Not that I know of.

But with all these OTP developments in Sydney, I am sure I'll read about it someday! Probably the uncertainty itself would be enough for the vendor to terminate anyway.

 

I just had a mate who contracted to buy land more than 12 months ago and it was supposed to settle a few months ago when he received a letter saying someone else has an injunction to prevent the settlement from happening because of some previous non-legal interest in the land. He had contracted with a builder and and was hoping to be midway through building now, but settlement won't happen. The land had jumped about $200k too, but might drop down a bit now.

He had assumed it was a done deal once he signed the contract.