Rescinding off-the-plan contract

Discussion in 'The Buying & Selling Process' started by Michael White, 3rd May, 2020.

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  1. Michael White

    Michael White New Member

    Joined:
    3rd May, 2020
    Posts:
    1
    Location:
    Melbourne
    I bought an off-the-plan apartment in Melbourne three years ago, and the sunset date comes into effect this week. Construction has not yet commenced on the property, despite assurances from the development team at several times during the last three years it would be "soon".
    I have decided to rescind my contract and have my deposit returned to me. My questions:
    1) What is the normal process for notifying the vendor of my intention to rescind the contract? DO I need to go through a solicitor, or will a simple email from myself be sufficient?
    2) How long does the process take to have my deposit returned to me?

    I just want to make it clear I am not angry with the developer, I do understand that delays happen and this is just a risk that comes with off-the-plan properties.
     
    Michael White, 3rd May, 2020
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,650
    Location:
    Gold Coast (Australia Wide)
    I would def go the soli route

    ta
    rolf
     
    Rolf Latham, 3rd May, 2020
    #2
    wylie, Lindsay_W, Marg4000 and 2 others like this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,536
    Location:
    Sydney
    Where is the deposit ? You didnt allow them to use it did you ? If you released it then good luck you may be a unsecured creditor. Importance of being held in a trust account becomes apparent. Definately one for a solicitor
     
    Paul@PAS, 4th May, 2020
    #3