Hi there. Sounds like you have been having a hard time, your parking lot sounds like a tight squeeze. Cancelling a contract without losing your deposit will depend entirely on the terms of the contract.

Your contract of sale will outline all the obligations which the seller is required to fulfil before settlement. These will include the layout and specifications of the apartment which you actually bought. If the parking spot you have is smaller than the plan in the contract indicated then you may have grounds for cancelling the contract. If terms of the contract stated very vaguely or broadly what the developer’s obligations were regarding the parking spot you may have more difficulty. If that is the case however you might consider checking if the parking space is smaller than the minimum requirements of the Australian Building Code or other similar planning legislation in your area.

If you can not find any evidence that the seller has deviated from the contract you may risk losing your deposit if you try and cancel the contract. In addition to losing your deposit the contract may also stipulate default penalties you must pay if you cancel it without cause. These might include incidental costs caused thrown away by the seller such conveyancer fees.