This segment is all about the Gold Coast "property boom", what has occured during 2021, and how developers are changing the goal posts in their off the plan contracts. I have read numerous off the plan contracts for many Gold Coast projects this year, most of which are fairly similar. However, most recently, developers are including clauses now that allow them to terminate an off the plan contract all the way until registration of the plan (meaning when construction is complete), if the construction costs exceed what they estimated in their feasibility. That could mean at the end of a 2 or 3 year period when construction costs by then could have easily been known and quantified and paid for. In my view an unfair contract term, and perhaps only a matter of time for potential law suits if this clause is ever acted on by a developer. Not all developers have this clause, but certain projects I have seen this included recently. A sign perhaps of the ever changing landscape for buying off the plan, and the increase of construction costs that developers have had to face this year. What will this look like in 2 years time? Boom or bust?
https://www.youtube.com/watch?v=MeKuE6iva1Q
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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 : 14th November 2021 | Words : 0 | Views : 103
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