Hi
This is the first time I have ever posted a question, but thought the infinite wisdom on this forum might help me out, too!
Question is, partner and I have recently bought a house. Sort of... as some of you may know, when buying a house and land on an existing block that is being subdivided and other units built you have to wait for cert of occupancy, or something like that.
Basically I know the owner of the block and they are subdividing and keeping the house and land and building units on the subdivided blocks. His solicitor says he cant do a Section 32 until all of the units are built and properly subdivided, so we cant do a formal purchase contract.
Instead we have put forth an 'expression of interest' which the vendor accepted, we both signed and I have paid the nominated deposit to the RE. Guys says he is definitely honest and trustworthy and will uphold the sale as if it were a purchase contract.
Would this have any merit in court if he decided to back out? I thought it would under the verbal and written agreement and that money had changed hands, but not sure...
Anyone have any idea???
Alysha
This is the first time I have ever posted a question, but thought the infinite wisdom on this forum might help me out, too!
Question is, partner and I have recently bought a house. Sort of... as some of you may know, when buying a house and land on an existing block that is being subdivided and other units built you have to wait for cert of occupancy, or something like that.
Basically I know the owner of the block and they are subdividing and keeping the house and land and building units on the subdivided blocks. His solicitor says he cant do a Section 32 until all of the units are built and properly subdivided, so we cant do a formal purchase contract.
Instead we have put forth an 'expression of interest' which the vendor accepted, we both signed and I have paid the nominated deposit to the RE. Guys says he is definitely honest and trustworthy and will uphold the sale as if it were a purchase contract.
Would this have any merit in court if he decided to back out? I thought it would under the verbal and written agreement and that money had changed hands, but not sure...
Anyone have any idea???
Alysha