- glaucusParticipant@glaucusJoin Date: 2008Post Count: 14
Looking for options on where these friends stand on this case..
Developer XcelProperty have exchanged contracts on these 4 blocks which they are advertising expressions of interest on their web site.
Contracts exchanged in March with a 6month settlement. Now settlement has passed, bank valuer came out and costed the properties a lot less than the March valuation and apparently now the said developers now trading as Clarwell Property Pty Ltd out of a Surry Hills office in Sydney.
The main man was obviously wrong when he suggested this
So, for those of you who know the law here, do these four home owners just take the deposit (5%) and stay put?
How do the get caveat lifted so other developers with finance can be approached?
TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
- This topic was modified 4 years, 6 months ago by glaucus.
If a purchaser has exchanged contracts but cannot settle the vendors should seek legal advice about issuing a notice to complete and then terminating the contract and keeping the deposit. They should have made sure there were persoonal guarantees in the contract and that the full 10% deposit would be owing. Once the contract is terminated write to the purchasers and tell them to remove the caveat within x days as they will not have any entitlement to lodge a caveat at that point.