I apologize in advance if this isn't the best place to post this thread.
My relatives placed a deposit on an off-the-plan property in April 2012 taking advantage of the off-the-plan price, building boost, first-home buyers and a "haggled price".
The building was intended to have 20 floors + 3 underground levels beginning construction in Q4 - 2012. The sunset clause is set for April 2015. Low and behold construction has been delayed...
There are two problems. One is that construction has been delayed until Sep/Oct 2013 due to a lack of presales. The second is that the building boost (10k) package will be invalid if construction does not being by the 30th of April 2013.
Realistically if construction is delayed any later than this new Q4-2013 date its extremely unlikely that the complex will be completed before the sunset clause -is it possible for the buyer to break the contract due to this reason? (Considering construction will take at least 18 months by comparing similar buildings in the area)
Secondly we were constantly lied to by the real estate agent and probably the developer about current presales, his targets and construction dates. Because of this deception we will also loose out on the building boost package and thus cost us more money. Do we have any case if we were to purse legal action or would it inherently be a waste of time because we signed the contract?
My relatives placed a deposit on an off-the-plan property in April 2012 taking advantage of the off-the-plan price, building boost, first-home buyers and a "haggled price".
The building was intended to have 20 floors + 3 underground levels beginning construction in Q4 - 2012. The sunset clause is set for April 2015. Low and behold construction has been delayed...
There are two problems. One is that construction has been delayed until Sep/Oct 2013 due to a lack of presales. The second is that the building boost (10k) package will be invalid if construction does not being by the 30th of April 2013.
Realistically if construction is delayed any later than this new Q4-2013 date its extremely unlikely that the complex will be completed before the sunset clause -is it possible for the buyer to break the contract due to this reason? (Considering construction will take at least 18 months by comparing similar buildings in the area)
Secondly we were constantly lied to by the real estate agent and probably the developer about current presales, his targets and construction dates. Because of this deception we will also loose out on the building boost package and thus cost us more money. Do we have any case if we were to purse legal action or would it inherently be a waste of time because we signed the contract?