Hi all, I bought a off the plan property in December 2012. Original sunset date was 23 December 2013 but the builder went in liquidity so we received a letter for sellers conveyancer to extend the sunset date for 6 months which we agreed as we bought this property to live in and sydney prices has appreciated a lot.
But new builder has not started the building yet we have reached the sunset date.
Now seller is saying he has lost 200k in this so we should be receiving a letter soon.
Now my question, can builder terminate the contract even if we want to allow extension of sunset date? Can he ask us to compensate his losses and ask for new contract price. Not sure what our options are.
Please help.
But new builder has not started the building yet we have reached the sunset date.
Now seller is saying he has lost 200k in this so we should be receiving a letter soon.
Now my question, can builder terminate the contract even if we want to allow extension of sunset date? Can he ask us to compensate his losses and ask for new contract price. Not sure what our options are.
Please help.