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Nowhere to redress, Australia's young couple to buy a house by the 'sunset clause' pothole! First-time buyers suffer the most losses

投票:房价高涨的今天,你认为“日落条款”还有存在的必要吗?
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At this time last year, a young Australian couple, Elena Zavitsanos and Rory Arnold, were eager to move into their new home.

Because they are finally on the verge of delivery of the future house Town House, although the opening is much later than expected, but at least it is almost finished.

The eagerness to move into the new home made them buy home appliances, furniture, and even Christmas trees early, planning a new life for both.

But in the first three weeks of planning to get the keys to the new house, at the end of November 2017,

The couple accidentally received an e-mail that brought them to a complete breakdown.

Home developers in an email show that their purchase contract has been terminated!

In other words: the house is not for sale!

And the reason is that the "sunset" clause (Sunset Clause)., which is rarely dealt with in general,

In this way, the young couple paid the money, waiting for nearly two years, not even a step into the door, the new home so no!

Elena said they had worked so hard over the years that they had finally saved up enough down payment to buy the Town House house in northern Melbourne.

They signed the contract, paid the deposit, and waited happily to move in.

But as time approached the original delivery date, Elena felt something was wrong, and she tried to contact the sales agency, but the agency said they could not reach the developer either.

Until they receive "bomb" emails from developers that are enough to ruin their lives.

"I don't understand why someone can do such a cruel thing," Elena said.


So what's the sunset clause?

The sunset clause, also known as the expiry clause, is a standard clause that often appears in futures contracts to protect the interests of homebuyers and developers in home sales.

It means that developers must abide by the maximum time limit required to complete the construction of the house. In the event that the project is not completed on time, either the buyer or the developer has the right to terminate the contract.

But the clause, which appears to protect buyers' interests, is sometimes deliberately exploited by developers.

Some developers deliberately delayed construction in order to invoke the "sunset" clause so that they could recycle the new houses they had built and put them back on the market over a period of time and sell them again at a higher price.

Although the young couple's property was not listed for sale in the property market, the developers told them that their property would be sold again in order to repay the construction costs.

Real estate industry personage, although very helpless, but this kind of thing actually happened frequently.

Young first-time buyers are the most vulnerable.

Elena says they have wasted so much of their time in the past two years, and while developers have returned deposits paid by Elena, prices in the market are no longer what they were.

Now it's impossible for Elena to buy the same lot of the same house for the same amount at the time.

But under the husband and wife can only move back to their parents' residence.

Elena and Rory designed their new home's renovations, including the kitchen, and now their own kitchen is someone else's.

Elena and Rory are not the only victims. Another pair of Couple bought the same developer's house and suffered the same thing.

Although the sunset clause has been controversial since 2015, in mid-2015, as Sydney's property market warmed up, bad developers began using sunset terms to cancel buyers' contracts and resell the same apartments for higher prices.

In September 2015, government, a new state, launched an online survey of home sales, which received 639 feedback and more than 30 feedback a day during the survey.

But to this day, there are still buyers trapped because of this clause.

So, at present, for some of the victims of new state buyers, through legal means to get back justice, and for Victoria, south Australia, west Australia and Kunzhou buyers, if encounter this kind of thing, can only admit bad luck!

With the booming property market and soaring house prices in recent years, some developers unilaterally cancelled sales contracts and resell them at high prices on the grounds of "sunset clause" (sunset clawbacks), causing serious losses to buyers.

And industry insiders said that as a buyer, what can be done at present is actually not much, can only keep an eye on as much as possible, carefully read the terms of the contract, especially the contract involved in the "sunset clause" of the part.

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