VIC Paid Deposit for Land. Lost My Job. Settlement in Jan 2019

[Tinazh]

Hello,

Been reading and observering a lot here but a first time poster.

Will try and keep it short even though I really need some life saving advice. I had put $44k deposit for a block of land south east of Melbourne in one of the very talked about estates in Melbourne. It was supposed to title in June July 2019. I lost my job early Nov 2018 and still searching.

Now my conveyancer contacted me advising that the developer is titling the land in Jan 2019. I am in no position to settle the land as no bank will approve my loan without a job. I can't nominate anybody because of the no nomination clause in the contract. Plus with the current property market scenarios I am not too sure if buying this was the biggest mistake I made in May 2018. As per my research I bought at the peak.

I am really really stressed as I can't afford to lose $44k(3 years worth of saving).

I want to hear from the property/finance gurus. What are my options? Can I get out of this contract and get my deposit back? I really financially stressed and thats affecting my mental health tooo. Really looking for some constructive advice.

Much appreaciated,

 

[Rod]

The first bit of advice is that money is not worth the cost of your health.

The second is that I suspect you are going to need a lawyer to look at the contract to see if there an out for you.

You could approach the developer, carefully without saying why, suggesting you will sell the land back at the original purchase price/cancel the contract. BUT don't even suggest you can't proceed with the contract. This is risky if you have a tendency to say too much. Some developers can make more selling the land a second time, but times have changed in the last few months and it will depend on whether the developer sees and easy sale and profit to someone else.

If you let the developer know you can't settle they may well just wait, keep your deposit and resell.

BE CAREFUL. If necessary get legal advice.

 

[Dev]

Hi i have signed land purchasing contract in Sydney. paid 10% deposite. signed contract before 1 year. now its going to be register in 2 months.

Is there any way i can terminate the contract without loosing deposite.. in the worst case if i am ready to lose 10% deposite (Worst cast) , then is that OK to terminate the contract with losing 10% deposite.