Hi folks,
I have a curly one. I bought a unit off the plan (contract is now unconditional) 14 months ago and do not have the funds to settle. Apart from loosing my deposit does anyone have idea of possible legal ramifications?I have a solicitor but there still seems to be grey area’s.
Cheers,
Don[blink]
“To have more than more than you’ve got, become more than you are”
Hi Don are you still wanting to purchase? have you considered all your options for raising the extra funds needed? Feel free to contact me if you would like to discuss the web page in my signature has my details.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Comments may not be relevant to your circumstances, check with an accountant or financial adviserThanks wayne,
this one i would say no, but i am trying to figure out worst case for myself & keep the developer happy.
Cheers,
Don[crying]
“To have more than more than you’ve got, become more than you are”
Hello Barterman,
the “ramifications” are the vendor is able to sue for all damages, including and not limited to legal costs. They can charge interest on the contract shortfall at the prevailing penalty interest rate, which i believe is currently 13.25% , many developers add a clause to charge an addittional percentage above this amount 4% extra is not uncommon. This amount is calculated daily , not unlike bank interest. Dependant on the name on the contract, this determines who os liable . Is it in a personal name or family trust ? There is a new loan facility that spilts the interest with 3.99% charged and 3.5% capitalised this may be an option for you . My broker has just refied a few of my properties into this structure. I am not a mortgage broker.
I would be interested in buying , you may email me the details direct [email protected]
Wholesale Property Brokers
http://www.wpb.com.au
Australia*Hong Kong*Singapore*India*MalaysiaHi Don
Glad l’m not the only one with that problem .
I’ve exhuasted all financing avenues with mine too so the only thing I can think of is what I’ve tried to discribe in my other post . CFP
Maybe you can resell it in some way or something as I’m thinking about with mine.Good luck
Mkcwhere is it and how much? I might be interested..
i to may be interested
If the eventual sale of the property is for a lower price than your contract then you may be liable for that difference too.
Doesn’t work the other way if he gets a higher price tho [eh]
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Maybe the value has increased? If so, you can probably sell before settlement, or maybe get a loan based on the value. If it has risen enough, you may not even need a deposit. I have had a few clients recently who are settling off the plan. prices in Sydney and Brisbane have increased slightly above the contract prices.
Not settling could be costly.
Terryw
Discover Home Loans
Parramatta
[email protected]
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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