Dear All,
I have made off the plan investment (1 bedroom) flat in Victoria and construction has not started yet (after 2+ years of signing contract).
Sunset clause date is Jan 2014.
Agent says:
1. Builder is going to start construction in 1 week or so.
2. Will register plan of sub-division by Apr 2013.
3. As soon plan of sub-division is registered my sunset clause date is void.
Solicitor says:
1. Even if builder applies for plan of sub division, Title of the property would not be issued. Hence, I would still be able to exercise sunset clause to rescind the contract.
Builder says:
1. They will finish the building construction by mid 2014.
My question:
0. Does builder gets registration of plan of sub-division even if construction has not finished?
1. Can I still exercise my sunset clause, if building construction is not completed by Jan 2014, even if builder applies for plan of sub-division in couple of months (Apr 2013)?
2. Can my sunset clause become void in any such case? I do not have any special condition on my contract. Its standard contract.
My plan of action:
1. Since builder accepts, they cannot finish project by my sunset clause date. And, if I am allowed to exercise my sunset clause, even if builder registers plan of sub-division, I would definitely go for rescinding the contract and put my money in better investment. I should informally approach builder to rescind this contract without waiting until sunset clause date. But only after listening to few of the comments on this forum.
You advice is very much appreciated. I would not sue anyone for giving me any advice, . Please PM me, if you don't want to publicly advice me.
Note: I am not allowed to publicly name and shame builder/project.
I have made off the plan investment (1 bedroom) flat in Victoria and construction has not started yet (after 2+ years of signing contract).
Sunset clause date is Jan 2014.
Agent says:
1. Builder is going to start construction in 1 week or so.
2. Will register plan of sub-division by Apr 2013.
3. As soon plan of sub-division is registered my sunset clause date is void.
Solicitor says:
1. Even if builder applies for plan of sub division, Title of the property would not be issued. Hence, I would still be able to exercise sunset clause to rescind the contract.
Builder says:
1. They will finish the building construction by mid 2014.
My question:
0. Does builder gets registration of plan of sub-division even if construction has not finished?
1. Can I still exercise my sunset clause, if building construction is not completed by Jan 2014, even if builder applies for plan of sub-division in couple of months (Apr 2013)?
2. Can my sunset clause become void in any such case? I do not have any special condition on my contract. Its standard contract.
My plan of action:
1. Since builder accepts, they cannot finish project by my sunset clause date. And, if I am allowed to exercise my sunset clause, even if builder registers plan of sub-division, I would definitely go for rescinding the contract and put my money in better investment. I should informally approach builder to rescind this contract without waiting until sunset clause date. But only after listening to few of the comments on this forum.
You advice is very much appreciated. I would not sue anyone for giving me any advice, . Please PM me, if you don't want to publicly advice me.
Note: I am not allowed to publicly name and shame builder/project.
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