how to get off the hook

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From: Day Dreamer


Last October we signed the purchase contract for a city apartment OTP. The building will be completed in couple of years time. We feel we were rushed into signing the contract due to the high pressure tactics used by the sales agent. Does anyone know ways for us not to go ahead with the contract ? The purchase price is over $250,000.
Any suggestion would be much appreciated.
 
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Reply: 1
From: Joanna K


Hi Day Dreamer,

Why don't you re-sell it, so that when settlement comes you have a simultaneous settlement?

Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
Principal

rentals@rentalspecialists.com.au
www.rentalspecialists.com.au
 
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Reply: 1.1
From: Asy .


Joanna is right (As usual!!)

I assume you have no escape clauses left, such as subject to finance.

Your only option now is to list the property with an agent and try to sell it prior to settlement.

Good luck, let us know how it goes!!

asy

"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 2
From: The Wife


HI Day Dreamer,

I dont think I can help you at all sorry, but I am just curious why 6 months later you feel rushed into it? was there no cooling off period? Do you get one on OTP? and have you just changed your mind or have you found something else you would rather do with your money, what makes you think this is not a good investment?

TW
 
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Reply: 2.1
From: Mark Hibbins


You maybe able to "get of the hook" if the apartment is not completed by the due date. Have a close look at the contract and get some legal advice.
The problem with this course of action is that you will not know whether you can "get of the hook" for some time (approx. 24 months).

Good luck,

Hibbo
 
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Reply: 2.1.1
From: Day Dreamer


Thanks everyone for you kind advice. It just
we were thinking we might live in the city
after we retire and now we are having second thought. But thanks just the same.
Day Dreamer
 
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Reply: 2.1.1.1
From: Empy 555


You should be able to get off the hook by on selling your property.


Hopefully you purchased it at market value so you should be able to sell it for what you paid or a little more.

If this is of interest to you I "may" have some avenues for you to explore.....please feel free to contact me direct via email.

empy
 
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