Dear Property Experts,
I am looking for some experts openion on following matter.
I have a block of land in South Estern Suburb. I purchased that block of land around 1.5 years ago. When I signed up a contract with Developer there was a term in Contract to finish the construction within 24 months from land release date.
Now I am not feeling safe to build on my land because of no security of job and other personal issues. I am also thinking to invest in to rental property. And I dont want to sell my land because I want to build my own dream home on that land.
My Questions are …
Can Developer force me to build a house of my block of land before before 24 months from release date finish?
Can I leave my land vacant for another 2 years?
What kind of action a Developer can take if I dont build my house on that land?
What kind of approach developer is taking normally in such cases ? Do they take a land owner to the court and force them to build?
Nobody can give you any accurate advice without knowing the exact wording of the contract or any separate deed you have signed. What advice did your solicitor give you when you purchased the property?
Does the developer still have other stages of the land release to develop? Has everyone else built their houses? Are there any penalties stipulated in the contract (ie repossession, developer will enter into a contract to build on the site at their cost etc).
There are too many variables without knowing the full particulars.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
