Mirvac taken to court

[Mikhaila]

Watch this space people

http://www.theage.com.au/articles/2004/03/10/1078594430398.html

It may be quite a show, and there is a lot at stake here…

M.

 

[NIF]

The latest residex newsletter stated that a similar 5% rule applies in NSW & hence similar legal action to avoid settling on off the plans may be possible in NSW.

Does anyone know whether this is true ?

 

[jrc]

The Home Building act sets maximum deposits in Section 8 and if there were a breach Section 10 refers to what the consequences are

 

[NIF]

Mmmm, Section 8 & 10 definitely seem to say that a deposit over 5% makes the contract unenforceable.

But as to whether the wording of the rest of it means it covers a buying off the plan contract, only a lawyer could decipher it.

See the Act at
http://www.legislation.nsw.gov.au/fullhtml/inforce/act+147+1989+FIRST+0+N#pt.2-div.1-sec.8

 

[Aceyducey]

Remember there is other legislation with different figures.

That's part of the issue in Vic

Legally I'd come down on the side of the group with the most expensive lawyers & the state legislature on their side.

Cheers,

Aceyducey

 

[investor mum]

Deposite over 10 %

Hi All,
A real estate agent told me that if a seller accepts a deposit of over 10 %, the remainder of the payout can be made at the discretion of the purchaser when soever the purchaser sees fit. Is this true?
Investor Mum

 

[Aceyducey]

Hi All,
A real estate agent told me that if a seller accepts a deposit of over 10 %, the remainder of the payout can be made at the discretion of the purchaser when soever the purchaser sees fit. Is this true?
Investor Mum

investor mum,

It's total male cow excrement.

AND there is NO requirement for a 10% deposit in any case

Cheers,

Aceyducey