I have signed a contract to purchase a block of land in WA. Finance has been approved and the land developer advised, tittles are due to issue then settlement. But last week I received a letter from the developer stating that WA Dept of Housing have purchased all remaining lots of land and the actual estate. Settlement I am advised will now be through the Dept of housing. I am advised that lots will be made available to the public to purchase as a shared equity with the dept of housing and the remaining will be public housing rentals. So, given the above I don't want to proceed. I have had a look at the contract and nothing stands out. But in short what should I be looking for in that my feeling is to request to be released from the contract to buy and receive my 1k deposit back. Any thoughts??
There is nothing in the contract which indicates assigning its rights to a 3rd party.
In the letter I received under a heading of " Settlement of your lot" it states...
" Settlement will be required to occur as per your contract of sale. The only difference is that you will be settling with the Housing Authority"
the seller is listed as Australand Industrial No. 140 PTY LTD no such wording/mention as to this being and entire agreement between the parties
Not really the contract is a bound booklet of some 60 plus pages...
From my reading of it once they are advised formal finance approval has been obtained contract is binding, but my question is given the above and that settlement has not yet occured can I simply say, sorry changed my mind dont want the land give back my 1k deposit??
Ok..seperate to that because I have signed the contract to buy can they make me go ahead with it?
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