Cancelling a sale contract

From: Marina .


Hi everyone,

My parents purchased a block of land and paid the 10% deposit and signed the contracts.
3 weeks later my dad got sick and now they will not proceed with the purchase.
There was never a SUBJECT TO FINANCE in the contract.

So the bottom line is according to the sales agent they will lose their $19500 b/c of non- settlement.

I enquired about on-selling, if they could find a buyer in the next 2 months before settlement , but they said they cannot do it until the land is settled. It is their policy.
Just to explain land in this area is only sold and purchased from the on site sales office.
Normally when you purchase land in this estate you cannot sell for 3 years unless you are sick or have financial problems.
This is why you cannot on-sell.

Does anyone know a way around this so they do not lose their money.



Thanks
Marina.




I
 
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Reply: 1
From: Mark Pardi


Marina

This sounds very distressing for you.

I have seen this situation several times before

Could you please e-mail me and tell me the estate and the developer of the land

I spent many years in working with Australia Largest Land Developers and Project Builders and may be able to help you out......may be.


or feel free to contact me


Mark Pardi

Property Buyers Network

02 9025 3555

0418 645 125
 
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Reply: 2
From: Yuch .


Hi Marina,

What about find a buyer within the 2 months time frame and assign the contract to your buyer.

And then you can do a simultaneous settlement with the vendor and the purchaser. This way, you get around the problem.

If i was in your parents' situation, this is what I would've done. So this is only my personal opinion. :)



Regards
yuchun
~ The secret to success is to start from scratch and keep on scratching. ~
 
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Reply: 3
From: Ross Sondergeld


HI Marina,


Cancelling a sale contract...

You said, "...according to the sales agent they will lose their $19500 b/c
of non- settlement. I enquired about on-selling, if they could find a buyer
in the next 2 months before settlement , but they said they cannot do it
until the land is settled. It is their policy."



NEVER listen to the sales agent in a sub-division !!!

Get your contract of sale and the covenant and go have a talk to your
solicitor.





Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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