Hi everyone,
I have a question regarding my partner's OTP purchase.
The contracts were signed in July 2011, with a 42 month sunset clause. Last month the developer called my partner and wanted to speak to her face to face regarding the apartment she purchased.
I decided that I would go along with her as I was curious as to why he needed to speak to her face to face. He said that there had been some delays getting some permits and that he needed her to sign a new contract. He offered a $3,000 discount and an air con if she signed the new contract. We obviously suspected something was up, so we said we'd think about it. He sent an email (see below):
Hi,
As discussed, there have been delays in dealing with government bodies and therefore the builder will not be fully mobilised until Dec 2013, which has pushed the completion date out to March 2015. The bank requires a 6 month buffer on the contract sunset clause and the completion date, in case of unforseen delays in construction. Although your contract will not expire within the construction phase, the bank would still like to see it extended until late 2015.
I have attached the letter that we need to sign in conjunction with the new contract of sale. I would suggest we date the new COS 17th May 2012, as this would satisfy the banks requirement (new sunset clause Nov 2015), and as I understand, will not disadvantage your FHOG, but do please check this date for yourself.
I'm basically looking for some advice on this forum as the solicitor we were using has not gotten back to us (too busy etc). Thanks in advance for your assistance.
I have a question regarding my partner's OTP purchase.
The contracts were signed in July 2011, with a 42 month sunset clause. Last month the developer called my partner and wanted to speak to her face to face regarding the apartment she purchased.
I decided that I would go along with her as I was curious as to why he needed to speak to her face to face. He said that there had been some delays getting some permits and that he needed her to sign a new contract. He offered a $3,000 discount and an air con if she signed the new contract. We obviously suspected something was up, so we said we'd think about it. He sent an email (see below):
Hi,
As discussed, there have been delays in dealing with government bodies and therefore the builder will not be fully mobilised until Dec 2013, which has pushed the completion date out to March 2015. The bank requires a 6 month buffer on the contract sunset clause and the completion date, in case of unforseen delays in construction. Although your contract will not expire within the construction phase, the bank would still like to see it extended until late 2015.
I have attached the letter that we need to sign in conjunction with the new contract of sale. I would suggest we date the new COS 17th May 2012, as this would satisfy the banks requirement (new sunset clause Nov 2015), and as I understand, will not disadvantage your FHOG, but do please check this date for yourself.
I'm basically looking for some advice on this forum as the solicitor we were using has not gotten back to us (too busy etc). Thanks in advance for your assistance.
You know what to do!
