Hi all,
Just wonder if anyone can help me with this OTP prob. I put a small deposit a few weeks ago for an investment property in Parramatta area (2 bedders apt). The project hasn't started construction yet. My solicitors perused the sale contract and asked the other side for a few amendments, one of them is to add the purchaser's right to rescind the contract if a change substantially detrimentally affects the property. The other side did not agree. I myself think if the vendor has a few clauses where they can rescind the contract then myself as a purchaser should have the same and its only fair to protect BOTH parties. What is the norm here? I'm not a lawyer so have no idea. Have you had any experience re the situation? Much appreciated.
Just wonder if anyone can help me with this OTP prob. I put a small deposit a few weeks ago for an investment property in Parramatta area (2 bedders apt). The project hasn't started construction yet. My solicitors perused the sale contract and asked the other side for a few amendments, one of them is to add the purchaser's right to rescind the contract if a change substantially detrimentally affects the property. The other side did not agree. I myself think if the vendor has a few clauses where they can rescind the contract then myself as a purchaser should have the same and its only fair to protect BOTH parties. What is the norm here? I'm not a lawyer so have no idea. Have you had any experience re the situation? Much appreciated.
