Trying to terminate prelim contract
After trying in vain to raise the finances for the final payment for our property it is with regret that we have to back out of the purchase. The decision is based solely on our financial circumstances and not the area, property or development.
Could anyone offer any advice on the process we need to take now to terminate our preliminary contract? Our current legal rep has not been in touch for a very long time now and we think they have given up on us. We are in touch with the developer who has recently contacted us saying we must fullfil the contract or loose 30%. We have already decided to take a hit for the money we have already paid but should we just wait and let the developer make all the moves to terminate for breach of contract or will this end up costing us more?
We posted a while back about this but as you can see we still haven't got anywhere with purchasing or terminating. V frustrating.
Which development ?? Are you looking at flipping your contract ( ie sell on at a lower cost , as i have a client looking for a nice place ) Not wanting to seem like a vulcher , he may help you out .
PM me if you want
Sorry to hear of your situation , alot are in this boat though
I am very much in the same position with my studio at the 3 mountains development the whole process has been a complete nightmare and enough is enough, if anyone can help with regards to the getting out of the contract and claiming so money back would be great.
So sorry to hear about your predicament. I just wondered whether you had looked at another solution. Depending upon the size of your apartment it may be possible to downgrade with the developer to another smaller place, say a studio. It may be that you have already paid enough to cover the cost of it or could manage the smaller payment. This would at least leave you with some of your investment and has advantages for the developer in that he doesn't need to go through the courts which can be expensive. This is a solution which has worked for a friend of mine after he made a personal phone call to the developer setting out his circumstances. Perhaps its worth looking into.
All I can say in my humble experience is that it will always cost you more to put your head in the sand and let things happen to you. Take initiative and be in the driver's seat.
For example, find something in your preliminary contract that they have breached. I can't imagine that nothing could be found. Then cancel the contract and threaten them that you want money back from them. You will most likely loose your 30% - but you will be free again.
Good luck,
Frank