My husband and I decided we wanted a Bigger house, We probably did it all backwards but as it stands, we fell in love with a house, the real estate kept ringing us because we were interested, we told her we wont sign a contract until we get some pre-approval from the Bank, and also mentioned we need to sell our house to buy this house, we got the approval, and signed the contract with the Sunset clause in place, we decided to use a different agent hoping it may work in our favour, we had a contract on ours in 2 weeks, which fell through, so we then decided after 2 months to use the same agent we wanted to buy our house from, maybe it might work in our favour?? So my problem is, Our Contract was terminated using the sunset clause as there was another buyer for the house we wanted? it was apparently unconditional etc etc, we were at a loss as what to do as there was nothing on the market we liked, so we had one more open house just in case, well 3 days later the real estate calls and says its crashed, so we kept our house on the Market hoping we can still buy it? One week later our Open house turned out great and we have a buyer, problem is, we bought the house prior to 1st August and the stamp duty was only 14K and now it will be 23k, so the real estate is pressuring me to sell at a lower price (getting shirty) and I said No, not unless we can sign the contract on the house we wanted at the same price, I dont want to sell otherwise, Question is can the vendor re-instate the original contract? I feel the agent just wants us to sell, not caring that we want a house to move into? or she is trying to get me to offer more than my last price, I told her we will just take it off the Market. I also said I want to make sure I have a contract in place before we sign to sell our house. If I have to pay the extra stamp, so be it. It has also cost me a lot to refinance banks, mortgage insurance, keep 20% equity in a house that devalued, pay out a credit card, all up to get this far $30K just because we wanted this house.
Advice please, feeling dudded.
- Thread starter angelakatrina
- Start date
Hi, The contract to buy the house we wanted which was signed prior to 1st August 2011, now that its back on the Market after losing it for only a week under the sunset clause, we now have a buyer for our house as of yesterday, Its just really bad timing for us.
Hi, The contract to buy the house we wanted which was signed prior to 1st August 2011, now that its back on the Market after losing it for only a week under the sunset clause, we now have a buyer for our house as of yesterday, Its just really bad timing for us.
Thanks Aaron, I suppose I can only ask tomorrow, or have them reduce the house by the difference, might be a bit cheeky I know.
Maybe it is tough cookies, and I did mention if I had to pay the extra stamp I would, but if I can save the extra dollars, and I can reinstate the contract, isnt it worth a try? I am not backdating it, but if its legal, I would rather do this. We had the contract taken off us because of someone buying with an unconditionally and they had to pull out in the cooling off period of 5 days (could not get the finance), and then a week later we have an offer on our house? It is approx $8000 difference in stamp, It was unlucky for us and bad timing.
Just to clarify, I am not trying to do anything wrong, thats why I was asking, I am not going to put myself in a position where it will bite me in the backside at a later date.
The time has passed
I believe the OSR would look at cut off dates like this in particular because there would be hundreds in the same boat. Its not worth the possible investigation followed by interest and large penalty tax/fines.
If I read things correctly, you had a purchase contract, which had a sunset clause. When the sale of your house fell through. the person you were buying from had another buyer, and then, under the sunset clause, terminated your contract, and then entered into another contract. That second contract has been terminated, and they now wish to sell to you. Sorry, I do not believe that you can "legally" resurect, a terminated contract, in particular as both solicitors are aware of the termination. To the best of my knowledge, termination advices cannot be withdrawn.
Hi angelakatrina
Sounds to me like your Agent has not been all that supportive. I agree with other comments that you're playing with fire if you attempt to reinstate the original contract. The OSR is very similar to the Tax Office in that it frowns on anything that even appears untoward. Best to move on...you WILL find something that suites OR that's even better. We see this all the time. The biggest mistakes are made when you become excessively emotional about the property you're looking to buy.
Good luck!
Cheers
Garry
Sounds to me like your Agent has not been all that supportive. I agree with other comments that you're playing with fire if you attempt to reinstate the original contract. The OSR is very similar to the Tax Office in that it frowns on anything that even appears untoward. Best to move on...you WILL find something that suites OR that's even better. We see this all the time. The biggest mistakes are made when you become excessively emotional about the property you're looking to buy.
Good luck!
Cheers
Garry
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