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I am looking at off the plan purchase. From the beginning, some things didn’t feel right. Like the lack of brochure, no building model in the display office and an agent slack with reply.
Despite this, I stupidly transferred a $1k holding deposit. It’s only been 1 business day since my transfer and no receipt. But I feel uneasy. I try to research the developers with Fair Trading with no success.
Their website only list 1 development with a few others as ‘vested interest’. I try to find one of these interests without success.
I then try to call the developers for their building license but I get a cafe, even the address is to a cafe.
I ring back and the waitress then admits she misheard who I first asked for and said the owner of the cafe’s husband has his office out the back. She would not give me his full name as she did not remember it or his mobile. Plus they were conveniently on holidays.
My lawyer hasn’t received the contact, but then it’s only been one business day.
But I can’t shake off this sick feeling that I’ve wasted $1k.
Any tips or thoughts would be appreciated.
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Can understand your apprehension, but so far you’ve not entered into any binding contract to complete the purchase the property. One of the problems in buying off the plan which you have now realised is that you don’t have any track record of this particular developer. There is some good general advice on the Fair trading website about buying off the plan, paying deposits and exchanging contracts, and the cooling off provisions after exchange of contracts.
Now where did you pay the $1000 deposit? If you paid it to the developer rather than into a licensed real estate agent trust fund, it may be at greater risk. In any case, write and ask for it back. It’s your money, not theirs.
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