In this segment we discuss the risks for buyers in not being able to settle on the settlement date under an off the plan contract. Developers are typically unsympathetic towards buyers who cannot settle and will, invariably, take the buyers 10% deposit paid upon a termination of the contract. Developers can also sue buyers for breach of contract, damages, costs etc. Not a good place to be as a buyer if you default. We also discuss a very famous case on the Gold Coast involving the buyer of the penthouse in Soul, Surfers Paradise, who went under contract in 2007 for $16.58M and failed to settle. He was sued by the developer in 2016 and the developer won and obtained an order for damages against the buyer for over $14M. A timely reminder for buyers that developers will not be sympathetic upon a default and will exercise their rights at law if they choose to do so.
https://www.youtube.com/watch?v=AHQNKMsnZ64
Despina firmly believes that being in the privileged position of a solicitor that she gives back to the community when she can. This has been transcended into her weekly radio show 'Talking Law' that is broadcast on the Gold Coast each Thursday on 104.1FM Gold Coast/Tweed & 103.5FM Northern Rivers and has been going strong now since 2020. Despina talks about various hot topics at local, state and federal level, and answers the questions that ordinary Australians want to hear. And the best part, it is free. Despina is not paid for her time on air and she enjoys the fact she can give back to the community in this manner. Knowledge is power and her radio show is very much about empowering the ordinary Australian with information that they should be aware of to help them in every day life. Despina has a very big following on air and online with a facebook community page for the radio station and is always happy to talk with listeners off air.
All episodes of Talking Law with Despina are uploaded on the Priala Legal website and onto our YouTube channel here: https://www.youtube.com/channel/UCWmG7z-wIbsHY9KhFfrrWwQ in case you missed it live. We are now up to 255 episodes!!!
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Catch us live on Radio 97 every Thursday morning at 8:30am (7.30am during Daylight Saving from October to March) on 104.1FM Gold Coast & 103.5FM Northern Rivers. Part of the Australia wide Super Radio Network across the country.
If you have any question you would like answered please contact us and we will do our best to answer them for you.
DISCLAIMER: The information discussed within the Talking Law videos is general in nature only and is not intended to be comprehensive, nor does it constitute legal or other advice in anyway, and should not be relied upon as such. The information is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content herein.
Posted By Despina Priala
Despina Priala has practised in property and commercial law on the Gold Coast for over 25 years and has extensive experience in this area.
Updated : 19th September 2022 | Words : 0 | Views : 162
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