Ask RiotACT: off the plan contracts

jayne2016 7 August 2016 2

Ask Riot

Hi Rioters.

Does anyone have experience with rescission of contract when purchasing off the plan?


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2 Responses to Ask RiotACT: off the plan contracts
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devils_advocate devils_advocate 10:54 am 20 Jul 16

greenbamboo said :

I did investigate this once. You’d have to have a pretty good reason to expect to walk away without forfeiting your deposit.

I know of one person that rescinded an off-the-plan contract and got their deposit back due to massive delays with the project being completed. However, at that time, there was still reasonable growth in the apartments market, so the developer was probably able to re-allocate the apartment, potentially at a profit.

In the current market, the developer might put up a bigger fight.

gbates gbates 7:07 pm 12 Jul 16

I did investigate this once. You’d have to have a pretty good reason to expect to walk away without forfeiting your deposit.

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