Hey guys,
Bit of a long story (mainly our stupidity of not researching it properly?)
My family and I live in Sydney and we were looking to invest our money into a property. After looking into Sydney and not finding a place where we can invest, we went to this Australis opening in Rydges Hotel. They were opening up to the market a new Melbourne CBD apartment that will settle in 2017.
It looked great and everything so we decided to negotiate and came to 525k for 1 bedroom + 1 bathroom (no car space) at 40th floor. We thought at the time that it was a good deal for us.
The sales person offered us an independent lawyer to get some advice on the contract. When he came, he offered little help and had to leave half way to some meeting, then came back and didn?t really say much. Anyway we signed a contract of sale of real estate and put in $5000, done deal and everything went smoothly?
Here comes the problem.
After carefully reviewing, we believe we bought it expensive + as we live in Sydney, managing a property in Melbourne with different real estate laws and such were difficult for us to handle + want to invest in Sydney somewhere again (I know, we should've reviewed all of this BEFORE we signed this contract...). So we want to withdraw from the offer and pay 0.2%. We obviously thought the cooling period is 5 days like in Sydney but apparently, it was 3 days in Melbourne. Today is the 4th day (5th as it's now Friday) and we want to withdraw from this but because we are not really sure what to do?
1) Once the $5000 deposit has been paid for off the plan + contract of sale of real estate has been signed. Can we withdraw from the offer? Is there any way to withdraw? It is our fault for signing the contract but as I said before, the independent lawyer + sales person were there and they didn't go through the contract in details + about the cooling period (they went in and out most of the times). They've more so just stated that we have to pay on 27th of March & no discussion about the contract itself (which was why we assumed from then to 27th was the cooling period = 5 days). Additionally, I know once it's signed, normally you cannot cancel but is there special circumstances where we can withdraw (e.g. if we haven't got the money to pay the 10% yet). If we were allowed to withdraw, I also wonder how much they'll charge us if we can withdraw?
2) I'm reading the contract at the moment but it doesn't seem to say anything (direct me if I'm wrong) but I want to know whether we can sell this property (off-the-plan) before settlement. It says in the contract
"3.20 The purchaser further covenants with the vendor that he will not sell, transfer or dispose of the property unless it is a condition of any contract of sale, disposition or transfer that the purchaser, transferee or grantee of the Property and their successors in title are bound by and are required to abide by the terms and conditions as set out by special conditions ??"
Am I looking at the right section? I cannot seem to find anything close to talking about selling except this extract and it does not mention whether we can sell the property before settlement.
3) How are Melbourne market atm? We are seriously considering whether this is a good investment or we should pull it out. Rent is very low there I heard but any chance it will go up within 2 years? Can anyone who lives in Melbourne tell me generally about the market there and whether it has the potential to improve within 2 years.
4) Anything we should particularly take note of in the contract? It's bit hard to read everything obviously and when situations like on Sunday happens where the independent lawyer go out and in, it's difficult to ask them and get a proper answer.
Really long post.. but please any help would be greatly appreciated!
Thanks
Bit of a long story (mainly our stupidity of not researching it properly?)
My family and I live in Sydney and we were looking to invest our money into a property. After looking into Sydney and not finding a place where we can invest, we went to this Australis opening in Rydges Hotel. They were opening up to the market a new Melbourne CBD apartment that will settle in 2017.
It looked great and everything so we decided to negotiate and came to 525k for 1 bedroom + 1 bathroom (no car space) at 40th floor. We thought at the time that it was a good deal for us.
The sales person offered us an independent lawyer to get some advice on the contract. When he came, he offered little help and had to leave half way to some meeting, then came back and didn?t really say much. Anyway we signed a contract of sale of real estate and put in $5000, done deal and everything went smoothly?
Here comes the problem.
After carefully reviewing, we believe we bought it expensive + as we live in Sydney, managing a property in Melbourne with different real estate laws and such were difficult for us to handle + want to invest in Sydney somewhere again (I know, we should've reviewed all of this BEFORE we signed this contract...). So we want to withdraw from the offer and pay 0.2%. We obviously thought the cooling period is 5 days like in Sydney but apparently, it was 3 days in Melbourne. Today is the 4th day (5th as it's now Friday) and we want to withdraw from this but because we are not really sure what to do?
1) Once the $5000 deposit has been paid for off the plan + contract of sale of real estate has been signed. Can we withdraw from the offer? Is there any way to withdraw? It is our fault for signing the contract but as I said before, the independent lawyer + sales person were there and they didn't go through the contract in details + about the cooling period (they went in and out most of the times). They've more so just stated that we have to pay on 27th of March & no discussion about the contract itself (which was why we assumed from then to 27th was the cooling period = 5 days). Additionally, I know once it's signed, normally you cannot cancel but is there special circumstances where we can withdraw (e.g. if we haven't got the money to pay the 10% yet). If we were allowed to withdraw, I also wonder how much they'll charge us if we can withdraw?
2) I'm reading the contract at the moment but it doesn't seem to say anything (direct me if I'm wrong) but I want to know whether we can sell this property (off-the-plan) before settlement. It says in the contract
"3.20 The purchaser further covenants with the vendor that he will not sell, transfer or dispose of the property unless it is a condition of any contract of sale, disposition or transfer that the purchaser, transferee or grantee of the Property and their successors in title are bound by and are required to abide by the terms and conditions as set out by special conditions ??"
Am I looking at the right section? I cannot seem to find anything close to talking about selling except this extract and it does not mention whether we can sell the property before settlement.
3) How are Melbourne market atm? We are seriously considering whether this is a good investment or we should pull it out. Rent is very low there I heard but any chance it will go up within 2 years? Can anyone who lives in Melbourne tell me generally about the market there and whether it has the potential to improve within 2 years.
4) Anything we should particularly take note of in the contract? It's bit hard to read everything obviously and when situations like on Sunday happens where the independent lawyer go out and in, it's difficult to ask them and get a proper answer.
Really long post.. but please any help would be greatly appreciated!
Thanks
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