Not settling off the plan purchase

[Aaron_C]

But, to quote my own post from before -

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 defaults are very common, especially with overseas investors, so they have always got provisions dealing with it.

 

[Melbournian]

yup the original purchaser is still liable - if you do succeed to sell the other place, make sure the purchaser pays the 10% and solicitor has engaged contracts communications etc.

Get your finances ready for backup with the additional funds.

i have done a few nominees transfers in the past - didn't have any issues but who knows nowadays in the current climates.

otherwise - do a runner.

 

[Terry_w]

invic you wont be able to change the contract to xx and/or nominees without paying stamp duty again unless there was a written agreement with the nominee before the contract was entered into.

i once got myself out of a contract for an off the plan purchase in vic si it can be done.

 

[Aaron_C]

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

 

[matto_]

thxs for good advice. I agree they could sue us, but would it be worth the hassle for them? Its not millions we are talkinga bout here. If I wanted to flip the contract, should I go to a local estate agent or do you think I should approach the same company who sold us the apt? Thx

Have you considered a JV/vendor finance type arrangement with someone who has cash - and then at some point in the future you would be able to pay them out?