Off the Plan Appartment - Can i terminate my contract and not settle?

Hi - I signed a contract in Nov 2015 with a 10% deposit for an OTP apartment in Brisbane inner city area.
Probably not the best decision I've made and wondering if it is possible to terminate.
There is a 5 and half year sunset clause - still 18 months off - and one strategy could be to sit tight and maybe it won't be ready.
I believe the capital loss is probably about 12% - which is more than the deposit I paid.
Does anyone have any advise. My advisors of course still believe that it is a good investment in the long term and, hey, who knows that might be better to persist.
If I try and terminate, I will probably lose my deposit and the developers may try to sue of course.
I know they have struggled to get to the stage of my development and get the necessary pre-sale.
Many thanks in advance.

 

You need specific legal advice on the contract terms.

What advisors think it a good investment? Are they related to the seller?

 

Your advisors being the people who suggested this investment in the first place?

 

Correct - I feel there is a massive conflict when the people advising and managing my super are the same.

 

My advisors do my smsf and investment strategy. They recommended this as a solid, 'All weather' investment with a 10 year investment strategy. Strategy is good. Just not sure if investment is a good one.

I don't believe they are related to the Developer but you'd think there is some relationship.

 

They would get half of their commission when the contract was signed and the other half at settlement.

Ask them directly if they receive a commission

 

OK - I could ask them. Half at settlement would definitely motivate them to ensure I settle.

 

Suburb, price, type and size of building?

 

Cannon Hill, 325K, one bed apartment plus garage, on the more premium side

 

Whats the reason its taken so long? No developer wants to pay interest on land for 4 years.

 

Everything depends on the contract you have signed.
A solicitor will give you advice as to what you can and cannot do.
Marg

 

Feel free to email through a copy of the contract and I can take a look for you without charge

 

Wow if that is their assessment of what is a good investment, I wouldn't be believing a word they said on anything else either.

Time to switch advisors?

 

Thanks Joel. Just emailed through. Best regards,Phil.

 

Correct. I have a personal investment decision to make and would not give responsibility over to any advisor which I did on this one.

 

ask them how many of this "wonderful" deal they purchased?

it will be between Nada and Zilch and Nought