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VIC Withdrawing from Land Contract - Lose Deposit?

Discussion in 'Property Law Forum' started by Kla, 6 May 2015.

  1. Kla

    Kla Member

    6 May 2015
    Likes Received:
    Hi, my partner & I purchased a block of land of the plans. The contract was signed in June 2014 with a deposit paid in August. When we signed the contract we were in stage 1 & told that there was no restricts I.e easement & fences. We were told in December 2014 that we had been moved to stage 2 & that settlement will be early 2015. We have now officially received confirmations that we are in stage 2 and property settlement will occur November 2015.

    Will we lose our deposit if we were to withdraw from the purchase?

    Thanks in advance :)
  2. Ivy

    Ivy Well-Known Member

    10 February 2015
    Likes Received:
    Hi Kla,

    Why do you want to withdraw from the purchase? If you have simply changed your mind then you will very likely lose your deposit.

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