Submitted to 'Real Estate' page but also a 'Legal' question:
6 months ago I purchased a house off the plan. I negotiated a 5% deposit but will have to pay the remainder next month.
I recently enquired in the same development for a relative and realised that they are now selling the same property as mine for a significantly lower price, a large financial rebate, many added features thrown in for free and even a $12k gift card. Whilst it is not ideal, I'm considering the opportunity this may present. My question is - what are my legal rights in terms of selling before settlement or forfeiting the contract and then repurchasing in the same development with the new terms? If it is simply a matter of forfeiting my deposit, then I would still be significantly better off. Are there other ramifications which would stop people doing this? I take it they won't simply amend my contract.
Any advice would be much appreciated!