This sounds like dangerous advice to me!
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
Heed what Terry is saying.
Umm…. you probably want to ask yourself why they are suddenly deciding to settle early? it sounds like "#### … eject eject!" to me. Remember your solicitor looks at lots of property deals every day and is therefore very equipped to see danger when they see it. Give them a call. It might cost you a few hundred dollars to rescue yourself from a mistake that costs you a hundred grand. It's dangerous to try and play in property if you can't spare a few hundred dollars to deal with unexpected situations like this. As they say in the trade, suck it up sunshine… spend the cash and talk to your solicitor.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi JacM
They are settling early because things have moved quicker than expected plus they have developed Stage 7 and 8 BEFORE Stages 5 and 6 because of some drainage and road access that has prevented them developing Stages 5 and 6 until 7 and 8 are complete. I thought this alone would be cause for compensation.However, I have spoken with the guy who sold me the block and he is negotiating with the developer for me. There is a chance that he will get a builder to swap a block with me for a block smaller than the one I have at present but a more regular shape, this will delay settlement until Jan or Feb next year. This might be the more favourable outcome for me as the loans that I have fixed (with huge break costs) will be unfixed by Jan 2012 which was my problem in the first place.
Will let you know how it all ends up!
Thanks for all your help and comments.
Anita
Just thought I would let you know the outcome of this scenario!. I have had success with the person who originally sold me the block with 4 year settlement and he has been sympathetic and very understanding. Not like the developers solicitor who refused to enter into conversation with me, told me I was going to lose my deposit if I didn’t settle, and promptly hung up on me!!!!!!!
He has found someone who is going to swap my block for one in the same stage that will not be settling until Jan/Feb 2012. (I suspect that it is a block that someone has rescinded). The block is a more regular shape, slightly smaller and is $10,000 less. All in all, I am happy to have the extra time.
So, for me this has been a favourable outcome and I thank everyone for your kind advice and suggestions. You spurred me on to negotiate and not be defeated and it has worked out to my advantage.
Cheers
AnitaGreat result Anita,
All the best with your future IP's.Awesome to hear, Anita! Confidence in your situation is crucial. Great to hear you got control of your situation and got the result you wanted!
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
animar wrote:Just thought I would let you know the outcome of this scenario!. I have had success with the person who originally sold me the block with 4 year settlement and he has been sympathetic and very understanding. Not like the developers solicitor who refused to enter into conversation with me, told me I was going to lose my deposit if I didn't settle, and promptly hung up on me!!!!!!! He has found someone who is going to swap my block for one in the same stage that will not be settling until Jan/Feb 2012. (I suspect that it is a block that someone has rescinded). The block is a more regular shape, slightly smaller and is $10,000 less. All in all, I am happy to have the extra time. So, for me this has been a favourable outcome and I thank everyone for your kind advice and suggestions. You spurred me on to negotiate and not be defeated and it has worked out to my advantage. Cheers AnitaVery good.
But don't sign anything until you get legal advice. Something like would usually result in stamp duty being paid on both blocks.
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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