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I purchased an off the plan apartment last February 2017 -

Hi I purchased an...

Hi I purchased an off the plan apartment last February 2017 - no construction ever started & I was informed the developer had difficulty with finance. Last week I was told by the real estate by telephone that the developer had defaulted and sold the development to a new developer. The new developer advised my off e plan apartment is now nearly $500 K more expensive and I was emailed a deed to rescission mutually- however I did not agree inan not a mutual party and it's not a mutual decision- what are my legal rights? I do not want to pay $500K more for my off the plan apartment either. My money has been invested since feb with the RE agent. Is this legal that the new developer can purchase and increase the price of my off the plan apartment?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

NSW

Lawyer's Assistant: Has any paperwork been filed?

I have not yet signed the deed of recission mutually because I do not agree it is a mutual decision and I was only informed of the original developer selling to a new developer via a phone call from the RE agent

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No - basically the development has been sold without my consent or knowledge to a new developer who is now asking $500K more than my original contract stipulated.

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Answered in 5 minutes by:
11/22/2017
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,720
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question today. I may ask a few questions. I can call you for an extra fee.

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Good Afternoon

If you have entered a contract they cannot change the price.

The new developer has to continue with your contract.

Do you have a solicitor acting for you?

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Customer reply replied 8 months ago
No - I don't have a solicitor acting for me.
The original developer has issued me with a Deed of recission mutual. I have not signed this.Are you sure about this?

Good Evening

The contract will have special conditions attached to it.

These would advise you when the Vendor (the seller) can terminate the contract.

In order for them to be able to charge you more they either terminate the contract, or you agree.

If they have sold the development to a new developer the new developer is bound by the contract and has to comply with it and honour it.

The deed they have given you is one where you have to agree to terminate.

This provides me with confidence that they cannot terminate the contract alone,

But to be 100% sure you need to have the contract looked at by a solicitor and have the special conditions explained to you and also look at the deed and what was in the letter they sent you.

Generally they cannot terminate and increase the price without your consent.

But have the contract looked at.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. I am happy for you to ask further questions on anything you wish more detail on.

Regards

Leon

Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,720
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Customer reply replied 8 months ago
Thank you for the advice.
Yes, you are correct they do want me to sign the Deed which states it is a mutual decision to terminate. The original developer has already defaulted and gone ahead and sold this development to another developer again without informing any of the purchasers.Are you able to act for me? Are you based in Sydney?

I am unable to act as I cannot take on clients from here.

But the law society of NSW can refer you to a solicitor.

Their website is as follows

https://www.lawsociety.com.au/

All the best and good luck

Regards

Leon

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Customer reply replied 8 months ago
Thank you Leon

You are welcome

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Customer reply replied 8 months ago
Hi Leon
I'm a bit confused as the original developers solicitor send me this letter via email stating:'Our client is unable to proceed with the transaction.
We note that the contract is conditional upon our client becoming the registered proprietor of the land from the registered proprietors.
Our client is unable to complete the contract and has received a Notice of termination from the registered proprietor.
We ask that you complete the Deed of Mutual Recission to finalise this matter.'Does this mean the original developer did not even own the land he planned to develop? And therefore, if he did not own the land , how could he sell off parts of it?Deborah
Customer reply replied 8 months ago
Hello Leon?

Morning

This is why I am saying you need to look at the special conditions of the contract.

That is correct. The contract has titles in it and they would show who the owner of the property is.

The special conditions will ay what has to be met for the settlement to take place.

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