Titles taking longer- 12 months

Discussion in 'Legal Issues' started by Indiejones, 4th Jun, 2020.

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  1. Indiejones

    Indiejones New Member

    Joined:
    22nd Mar, 2018
    Posts:
    3
    Location:
    adelaide
    Hey ppl!

    This is my first post and I am very new to Property investing. trying learn as much as I can.

    Already having issues since I started with my first IP! :(
    I paid a deposit for a lot in Grace estate Tarneit on June 2018.My land was supposed to settle in August 2019 but till date there has been no progress.and have not heard back from them since then, I've had my conveyancer send some correspondence from Landcore lawyers -stating that the titles will be ready in 2020 Sept (that is tentative) and I am not sure if that will be done.
    I am getting really very frustrated!

    I just wanted to know if is this normal and if anyone in the group has had similar issues.
    Thanks in advance.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,319
    Location:
    Here.
    Not uncommon for this to happen with new developments.

    This sort of purchase (from a developer, with a lot of competing lots) does carry a risk of valuing lower than the purchase price. Use the extra time to save as much as you can, it might make a difference when settlement does come around.
     
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  3. Indiejones

    Indiejones New Member

    Joined:
    22nd Mar, 2018
    Posts:
    3
    Location:
    adelaide
    Thank you for your response.

    Yes I am trying to save as much as I can due to this delay.