Anonymised property matter
Off-the-plan valuation shortfall
- Transaction
- Purchase
- Jurisdiction
- NSW
- Focus
- Finance shortfall on off-the-plan purchase
Situation
The client’s situation
A buyer signed an off-the-plan contract years before completion. When the apartment was ready, the lender’s valuation was below the contract price, reducing the amount the bank would lend.
How Aquarius Lawyers helped
The legal response
We reviewed whether the contract gave any finance or termination right at that stage, then focused on settlement risk, extension options and the consequences of default. The client worked with finance advisers to source the shortfall while we negotiated timing with the developer.
Documented outcome
The documented outcome
The buyer avoided assuming that a low valuation automatically cancelled the contract and managed the funding issue before the settlement deadline.
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