Hi !
Need some advises before I speak to my solicitor. The story is ...
I bought an OTP unit from a vendor (who is the original purchaser and on-sold the unit to me) in March 2002. This is my first property purchase and I intend to apply FHOG and use the property as my PPOR. At that time, I was working in overseas and expect to return to Melbourne in August 2003. The sales contract did indicate that the settlement should be in the period of November 2002 to March 2003. So I thought this is really nice as I will have a place to stay when I come back.
However, in March 2003, the vendor's lawyer informed me that due to shortages of building materials and workplace disruption, the settlement will take place in May or June 2003. Well I thought, this is fine as I am still in overseas. In June 2003, again I was told that there is soil contamination in certain areas within the property development and they need to fix it and settlement was pushed back to August 2003. I am beginning to feel agitated as I am coming back in August! Just yesterday, I received another letter from the vendor's lawyer and this time I really blew my top. It states that the soil contamination is due to some off-source site and the EPA auditor will not grant the certificate of compliance in the forseeable future due to the contamination. They have no idea on when this will be resolved which means no settlement in sight, and this is really screwing up my plan.
Right now, I am thinking of getting out of this contract or at least demand some form of compensation. The sale contract is fairly standard OTP contract. I am in a fix because I need to rent a place and I don't know how long should I rent, 6 or 12 months? Do you think I have a case here? My priority is to get out, rent a place for a year and look for another property within this period. Maybe the investors in the same development will not mind the delay but I am going to stay in it! Thanks for reading!
Need some advises before I speak to my solicitor. The story is ...
I bought an OTP unit from a vendor (who is the original purchaser and on-sold the unit to me) in March 2002. This is my first property purchase and I intend to apply FHOG and use the property as my PPOR. At that time, I was working in overseas and expect to return to Melbourne in August 2003. The sales contract did indicate that the settlement should be in the period of November 2002 to March 2003. So I thought this is really nice as I will have a place to stay when I come back.
However, in March 2003, the vendor's lawyer informed me that due to shortages of building materials and workplace disruption, the settlement will take place in May or June 2003. Well I thought, this is fine as I am still in overseas. In June 2003, again I was told that there is soil contamination in certain areas within the property development and they need to fix it and settlement was pushed back to August 2003. I am beginning to feel agitated as I am coming back in August! Just yesterday, I received another letter from the vendor's lawyer and this time I really blew my top. It states that the soil contamination is due to some off-source site and the EPA auditor will not grant the certificate of compliance in the forseeable future due to the contamination. They have no idea on when this will be resolved which means no settlement in sight, and this is really screwing up my plan.
Right now, I am thinking of getting out of this contract or at least demand some form of compensation. The sale contract is fairly standard OTP contract. I am in a fix because I need to rent a place and I don't know how long should I rent, 6 or 12 months? Do you think I have a case here? My priority is to get out, rent a place for a year and look for another property within this period. Maybe the investors in the same development will not mind the delay but I am going to stay in it! Thanks for reading!
