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  • Sell before settlement

    Hello
    I purchased some land 9 months ago. There have been huge delays on the development and it's probably another six months away from title and settlement. Can I sell it now or do I have to wait until settlement?

    Thanks for your help.

    ​​​​

  • #2
    Hi Houseme,

    Do you have a contract? This is your starting point.

    So you’ve bought a section? Is there a requirement to build on it and was this your plan?

    cheers

    Donna
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    • #3
      You have not bought anything, the section does not exist until it is titled. You have a contract to buy then. You could I understand sell your rights under that contract.
      You need to review or have your lawyer review your contract to see if you can assign it. While the delays are frustrating they are not unusual and you likely have already made a profit, not taxable I would think since you don't own the property. I am not a lawyer.

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