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OTP Purchase - Land up for sale again by Developer

Discussion in 'General Property Chat' started by plethora, 26th Jun, 2016.

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  1. plethora

    plethora New Member

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    26th Jun, 2016
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    Location:
    sydney
    Hi everyone,

    I am seeking some advice regarding a tricky situation that I am in atm

    I currently have a deposit put down on an OTP apartment in Brisbane. I've been regretting since, but I've been coping with it because once it settles, it would be a nice place to live in, in a convenient location. I intended to occupy the premises for a few years before I need something bigger for my family.

    Then today I walked past the land where the building was supposed to go up and noticed that the lot is now back on the market with the approved DA attached to it.

    I was not advised of this by any party - the seller, selling agent, not even my solicitor. The contract does state the developer's rights to do so.

    Has anyone been through something similar? What are my consequences? Would I have right to rescind the contract?

    Thanks in advance for any advice.
     
    Last edited: 26th Jun, 2016
  2. MsAli

    MsAli Well-Known Member Premium Member

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    @plethora - are you unconditional on the unit in Brisbane? Brisbane has an oversupply of units. I guess it will come down to your budget. If it's for living in (as you call out), have you compared the price with established property?

    As for your actual query..have you run this past your solicitor? Sounds a bit worrying if they are selling it with contracts in place.
     
  3. Marg4000

    Marg4000 Well-Known Member

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    Qld
    Clearly this is allowed under the contract you signed. Your obligations under the contract will continue.
    Marg
     
  4. plethora

    plethora New Member

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    Location:
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    One thing I do notice though, is that the contract states I Must consent to transfers if the contract is an Instalment Contract. This one in particular does not seem like one.
     
  5. plethora

    plethora New Member

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    Yeah I had better speak with my solicitor tomorrow!
     
    MTR and Marg4000 like this.
  6. MTR

    MTR Well-Known Member Premium Member

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    My concern is more about if end values fall? which is very likely due to oversupply can you meet the shortfall??

    If the project goes ahead on settlement you will need to meet the short fall if the value comes under, something to consider and be prepared if this does happen

    MTR