Hi,
Need clarification on deposit risk, hope somebody can help.
Appreciate your response by 7th May 2017
recently we have put down an initial 5,000 deposit for a lot purchase on a non titled land. The developer has sent through the contract and section 32. The solicitor has gone over the contract and stated that one of the conditions is out of normal industry norm and should be deleted.
"condition states that if you do not comply with provisions as stated in contract, developer can buy back the land, and this caveat will be put on the land, to me looks like if you breach any small condition, they can activate this etc.."
I am planning to request for this condition to be deleted, however if developer does not agree to change the contract, I am planning to back out and not proceed with the contract.
If I decline to sign the contract, will my 5,000 deposit be refunded?
I don't want to loose the partial deposit made as the condition being requested is not reasonable at all.
regards
Chris
Need clarification on deposit risk, hope somebody can help.
Appreciate your response by 7th May 2017
recently we have put down an initial 5,000 deposit for a lot purchase on a non titled land. The developer has sent through the contract and section 32. The solicitor has gone over the contract and stated that one of the conditions is out of normal industry norm and should be deleted.
"condition states that if you do not comply with provisions as stated in contract, developer can buy back the land, and this caveat will be put on the land, to me looks like if you breach any small condition, they can activate this etc.."
I am planning to request for this condition to be deleted, however if developer does not agree to change the contract, I am planning to back out and not proceed with the contract.
If I decline to sign the contract, will my 5,000 deposit be refunded?
I don't want to loose the partial deposit made as the condition being requested is not reasonable at all.
regards
Chris
