VIC Withdrawing from Land Contract - Lose Deposit?

[Kla]

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

 

[Ivy]

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.