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I can't see a reason why you'd ever not put and/or nominee in the contract.

Ah the self-indulgence of self-quotation, Belbo! But seriously - ostensibly highly paid and highly intelligent legal minds have combed through these developer contracts. They will not let you go easily and most likely they have covered all bases in those 10 pages of 'special conditions'. OTP...

Just be wary that even if you exercise the 'nominee' clause in a Victorian contract the original purchaser is still responsible and liable for the performance by the new nominated party. So it's not a complete get-out clause.

Yes it is possible, flipping happens all the time. Maybe consider getting a personal loan to come up with the extra 10%, and get an 80% loan when the time comes.

By the way I know someone who tried to buy a $23m development site, paid his 10% deposit and then couldn't settle on time. They took his deposit, sold it later for only $17m and so they sued him for the $4m difference!

They will sue you for the difference between what you paid and what they have resold it for. So for example if you bought it for $450,000 and they can only sell it later to someone else for $400,000, they will sue you for $50,000 (The difference). However, the $45,000 you would have lost already...

As luckyone said. You will lose the 10% and the developer can claim damages against you if they can only sell the property for a lower price than what you paid