Header Ad Module



No announcement yet.

Section settlement due when development not complete -- Help!

  • Filter
  • Time
  • Show
Clear All
new posts

  • Section settlement due when development not complete -- Help!

    Situation -- Seafield Lagoon in Chch is issuing titles this week, Sections are complete and 224 has been issued.When sold to us 12 months ago, it was with water front views, landscaped, tidal flow. -- instead it is now a Section only and none of the rest completed and there is still a hearing to be held giving no garrentee that it will happen. Aperently it is now up to the council to develope ( not the developer as it is considered wetlands) and the developer wants his money!. We brough a setion with a particular out look and instead we have a mosquitio infestes swamp developing, with no end in site at this stage. -- all parties buying feel the same way -- Contracts were straight forward and didnt mention settlemnt on completion of landscaping etc. To us its a clear missrepresentation of sale -- we are expected to settle on something that isnt there! -- help -- Further more the solicitor used for some of the prospective buyers is the land agents Sister and hasnt relayed concerned information in the appropiate manor -- she appears to have informed the developer first before advising us on possables -- is that not a conflict of intrest? what do we do? -- Chez C

  • #2
    what do we do?
    Call your lawyer.


    • #3
      Originally posted by cube View Post
      Call your lawyer.
      And if your lawyer is the sister as meantioned above, call a different lawyer!

      Collect what ever info you have to prove misrepresenation. If they were sneaky, you wont have evidence to prove anything.


      • #4
        Try pooling resources and sharing lawyers with other purchasers.

        Costs will be reduced, and you'll have more clout.


        • #5
          "Contracts were straight forward and didnt mention settlemnt on completion of landscaping etc"

          Should have had it in the Contract. You're stuffed otherwise, what was said verbally is irrelevant. Just ask the Blue Chip buyers........


          • #6
            A good rule to follow - What You see is what you get!

            To quote Benjamin Graham "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."

            Putting money into dreams, especially someone else's, is not 'investment'.


            • #7
              Once you pay your money, you have nothing to argue with!

              We had a similar situation almost two years ago. Where a subdivision we purchased a section in, was meant to have a pool, tennis court etc etc. But when title came up on our section, none of this had been started. We settled and now 2 years later it seems the common facilities won't be started and we are left with normal sections and a big hole in the ground.

              If I could have my time again, I would have tried to delay settlement until everything had been completed. Now, I think all buyers in this subdivision are stuck and can't really do anything, as the developer has the money (and spent it) and we have nothing to argue with!

              Book a free chat here
              Ross Barnett - Property Accountant