MOST definitely get a good solicitor as it could save you heaps in the long run.
Now then, DA, I expect is development approval, and what the other developers have done or their progress, is not relevant to yours. The entire process has to be done. LOOK for the catch, DA TO buyers approval which means, how long is a piece of string, or they can walk away for any reason.
The fact that the agent is up your backside, smell a rat as he is possibly not really looking after your best interest.
If you have time, sit back, let things progress and then sell as a standard contract of sale with possibly more players.
Failing that, lock in timelines and a serious nonrefundable deposit, after a limited DD and before agreement to enter the DA part of it.
Provision, if you enter something and it does not go through, all work, planing approvals etc, is given to you, free of charge etc. In other words, to a degree, they have value added to your property.
Is it a put and call or just a call option, big difference, you need to be wearing the boot as well haha.
But having said this, often the company is effectively a shell, two bob comp, no money, hence suing them and winning = nothing from nothing means nothing and your left with your legal costs.
Have been caught before, I rejected one of these, I told the two agents who were supposed to be representing me, you got 3 mths DD, come back, yes or no or go away. They come back and I immediately asked, how did we go --> you got EVERYTHING you asked for, including a block in the proposed subdivision or $ value of (carrot), for the DD and I repeatedly asked again and again, same answer and us SILLY country and trusting idiots, signed up. Hmm, zero end dates and all DA to the buyers complete satisfaction, remained in the contract.
Legal advice,... the Gov supposedly closed the loophole on contracts with no dates --> to what is a reasonable time to rezone, DA and you name it = how long is a piece of string. 5 yrs + 80 odd g's, until finally we got them on the grounds, the contract became frustrated, couldn't progress due to the lack of sewerage. In the mean time, we missed the boom where we could have sold it, numerous times and for more.
Had we been in the position $ wise, we could have sued and had these agents licences, the trail, evidence against them was in your face. To top it off, it turned out, the buyer was their tax agent, certainly not representing us. Not to mention, no agent with any decency, representing you, will get you signed up to a dateless end to a contract.
Eventually we did a deal with another, 100g, nonrefundable, immediately and just over 12mths, to settle.
