I have 2 questions, both in relation to Qld properties:
1. You sign up to House and Land package, get bank loan go unconditional and waiting for settlement. The land does not become available for settlement after 8 months of going unconditional and the bank revokes it approval. Now you have to reapply and figure out the valuation on both land and construction have dropped. What are your options.
2. You sign up to buy a House and Land package. Settle on the land but construction does not start for the next 12 months, even though you are promised construction would start as soon as land settles, do you have way recoup some of the last interest payments.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Hi DaOne,
Those questions can only be answered by seeing a copy of the contracts you signed for each component of the deal (land and construction contract). The terms and conditions should all be outlined in there for you and have remedies for events like the ones you have stated above not proceeding. Of course if the contract is silent on those items, you can use the courts to resolve the disputes, but of course that is a very time consuming and costly exercise from a legal fee/court cost perspective and an interest accumulation perspective too.
Have a look through your contracts to see if there is anything time limits put onto those items or if they are dealt with at all in the contract.
Lastly, if you were verbally told that something would happen in a certain time frame by a sales agent or representative of the vendor, then that can also be taken into account too if you need to litigate down the track, but obviously staying away from the courts is the best way to resolve all of that.
Dave Ward | Geronimo Finance
http://www.geronimofinance.com.au
Email Me | Phone MeProperty Investor, Property Investment Expert & Advisor, Finance Expert & Strategist
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