presumably you are talking about a WA property? read the fine print in the joint form...it's all there. you can't get out of it but will they bother to pursue you throught the courts??
I wonder also if they could leave a caveat on your property forever preventing you from selling it? Their equitable interest is clear
you need a lawyer
for them to seek specific performance would be $100k in the supreme court, so is unlikely
damages - I dunno. would be hard to prove the proeprty has gone up in value?
your infamous lender wants to close its loan book I believe. out of interest, could you tell them you are indifferent about closing the mortgage so if they want you off their books you are prepared to pay half the exit fee, and then advise of their answer? I have been wonderign what they would say
They can buy in the future I decide to sell. I do not have problem they put whatever on. I really what other implications I would have. I could not find anything saying I must sell otherwise the police will do that.
buyer may affirm contract and seek specific performance and seek damages in addition or instead of
selling in 10 years at todays price...not good!
when they lodge the caveat they will lodge the contract of sale with DLI as evidence of their interest
indeed many buyers do this as a matter of course when buyign property
get the advice is the best bet. EOD you have sold it for x... that's what a contract is for. What falls out of the tree if you walk on your part is just the commercial reality of the situation.
"Specific performance" isn't damages, it means they can ask the Court to enforce the contract as written, ie Get the Court to transfer ownership of the property to them, on the terms contained in the contract, despite your objection to fulfilling your end of the contract. Yes, this is possible, but quite rare - it usually gets to the point where the vendor sees they're going to lose and proceeds with the transfer, because if it got to a point where the Court enforces specific performance, you'd probably lose the property and have to pay the buyer's legal costs, and possibly any damages relating to the delay.TheAnalyst said:what specific performance they can claim? damages? That is what I want to know a bit.