Ask RiotACT: off the plan contracts

greenbamboo said :

I did investigate this once. You’d have to have a pretty good reason to expect to walk away without forfeiting your deposit.

I know of one person that rescinded an off-the-plan contract and got their deposit back due to massive delays with the project being completed. However, at that time, there was still reasonable growth in the apartments market, so the developer was probably able to re-allocate the apartment, potentially at a profit.

In the current market, the developer might put up a bigger fight.

I did investigate this once. You’d have to have a pretty good reason to expect to walk away without forfeiting your deposit.