My question is can someone walk away from a R/E contract.....after building and pest and after successfully getting finance?.
Also how important a part does a sizable deposit play?.
Also how important a part does a sizable deposit play?.
Contracts
- Thread starter markpatric
- Start date
G'day Markpatric,
I assume you are referring to a QLD contract ?? If so, then I don't like your chances of just "walking away".
Again, I'm assuming that, with Building and Pest out of the way, you would be WELL past the "cooling off" period.
As I've heard, the vendor would have the right to take you to court to pursue damages - what that might entail would be up to the vendor. e.g. they might've already spent their $$ in buying another property - so THEY will be "in the gun" because their new purchase is now in danger of not settling..... You know, the domino effect.....
I presume you are referring to yourself - are you? Want to tell us more? What's happening?
PS Or is this the VENDOR who is "walking away"?
Regards,
I assume you are referring to a QLD contract ?? If so, then I don't like your chances of just "walking away".
Again, I'm assuming that, with Building and Pest out of the way, you would be WELL past the "cooling off" period.
As I've heard, the vendor would have the right to take you to court to pursue damages - what that might entail would be up to the vendor. e.g. they might've already spent their $$ in buying another property - so THEY will be "in the gun" because their new purchase is now in danger of not settling..... You know, the domino effect.....
I presume you are referring to yourself - are you? Want to tell us more? What's happening?
PS Or is this the VENDOR who is "walking away"?
Regards,
Yes a Qld contract, I am the seller, and it is not due to anything other than the purchaser being incredibly stupid and arrogant, building, pest and finance dates and requirements were all satisfied.
The home was sold at a reduced price in order to better use my money elsewhere and I have been messed around in the extreme and are looking at my options as I will be in difficulty if the sale does not go ahead, the property has been sold five times but fallen through due to finance every time and at a higher price than I am currently selling.
I am angry as hell since now I find out from the agent no deposit had been paid at all yet as was promised, the contract has been extended and extended again so I chose to charge penalties which the buyer says they will NOT pay. haha.
So I decided to waive those penalties if the contracts does in fact settle on the new date, but the buyer appears to be acting as though they have the option of dropping the deal at thier leisure.
Bottom line.....yet another "smart" no money down buyer who has absolutely no idea about the concept of fair play.
The home was sold at a reduced price in order to better use my money elsewhere and I have been messed around in the extreme and are looking at my options as I will be in difficulty if the sale does not go ahead, the property has been sold five times but fallen through due to finance every time and at a higher price than I am currently selling.
I am angry as hell since now I find out from the agent no deposit had been paid at all yet as was promised, the contract has been extended and extended again so I chose to charge penalties which the buyer says they will NOT pay. haha.
So I decided to waive those penalties if the contracts does in fact settle on the new date, but the buyer appears to be acting as though they have the option of dropping the deal at thier leisure.
Bottom line.....yet another "smart" no money down buyer who has absolutely no idea about the concept of fair play.
Sounds like you need to discuss this with your solicitor.
Problem: Legal costs are never cheap, and are not always cost effective.
Let us know how it goes.
Good luck.
Cheers,
Problem: Legal costs are never cheap, and are not always cost effective.
Let us know how it goes.
Good luck.
Cheers,
G'day Markpatric,
Good luck, and keep in touch as things develop, won't you,
Regards,
Bingo!!! There might even be an avenue to "go" the RE agent (an opinion only, but read on...) - as, in my understanding, money must change hands for any contract to be valid. If THIS hasn't been done, I would think your RE was not looking after your best interests....housekeeper said:
Good luck, and keep in touch as things develop, won't you,
Regards,
On thinking further, it is likely that a small deposit might have been paid (thus voiding my comment of "money not changing hands"). You are obviously talking of the "serious" deposit (5%, sometimes 10%). Yes, I believe you would have access to the deposit if the buyer doesn't go ahead, but if there ISN'T one, I don't know how things will pan out.....
This really IS solicitor stuff. I'd better shut up,
Regards,
This really IS solicitor stuff. I'd better shut up,
Regards,
Contract falling to pieces...
Hi...
Contract falling to pieces...
Firstly, you should ask you solicitor for advise.
Heard the story before... just chase the 10% deposit.... then allow them to breach the contract... then take the 10% deposit and... re-sell the property.
Your transaction... illustrates the importance of a 10% deposit. Always ask for it... and chase that little cheque... till it gets deposited.
Few people will walk away from a 10% deposit.. (Then again I've had a transaction where a fortune teller told the buyer to walk away.)
Ross on the Gold Coast
Hi...
Contract falling to pieces...
Firstly, you should ask you solicitor for advise.
Heard the story before... just chase the 10% deposit.... then allow them to breach the contract... then take the 10% deposit and... re-sell the property.
Your transaction... illustrates the importance of a 10% deposit. Always ask for it... and chase that little cheque... till it gets deposited.
Few people will walk away from a 10% deposit.. (Then again I've had a transaction where a fortune teller told the buyer to walk away.)
Ross on the Gold Coast
Thanks for the advise fellas, will keep you posted.
At present I will wait and see if the deal settles on the new date.
I`m also not sure any deposit at all was paid, I did not follow up enough on this last I heard there was the promise to pay $1000 a week or two ago I assumed it was but found out as yet it isn`t.
At present I will wait and see if the deal settles on the new date.
I`m also not sure any deposit at all was paid, I did not follow up enough on this last I heard there was the promise to pay $1000 a week or two ago I assumed it was but found out as yet it isn`t.
Where's the RE agent in all of this? Where’s the open and clear communication? If Les is right, and money needs to change hands for a contract to be written up and signed by the buyer, then you've got some serious leverage to pursue this. Someone stuffed up somewhere.
Of course, if there was a deposit made, then its amount (or lack of) will dictate the energy and effort you put into claiming it. In other words, is it really worth it.
Keep us posted.
Btw, what type of property are you selling?
George
By law there need be no deposit if thats what the Buyer and Seller agree on (never really an option because of this sort of thing) but if the Seller and Buyer agree to no deposit then a contact can still be legal.
Generally an initial depsoit is paid then a more substanial sum in a few days to a week what ever the two parties agree on. If the deposit was supposed to be paid in 3 working days and it is not then the Vendor can end the contract. If the deposit is not paid and the agent has not informed either yourself or your solicitor then I would not like to be in that agents shoes, as there are legal ramifications.
If the deposit is paid on time, pest and finance time periods have expired (with or without notification) then the contract is unconditional. If the purchaser pulls out after this then this would be a matter for your solicitor. The purchaser certainly cannot be made to settle but there are certainly avenues for compensation for the Seller. This is where the deposit would come into play!
Best of Luck
Jarrod
Jarrod lane Real Estate
Generally an initial depsoit is paid then a more substanial sum in a few days to a week what ever the two parties agree on. If the deposit was supposed to be paid in 3 working days and it is not then the Vendor can end the contract. If the deposit is not paid and the agent has not informed either yourself or your solicitor then I would not like to be in that agents shoes, as there are legal ramifications.
If the deposit is paid on time, pest and finance time periods have expired (with or without notification) then the contract is unconditional. If the purchaser pulls out after this then this would be a matter for your solicitor. The purchaser certainly cannot be made to settle but there are certainly avenues for compensation for the Seller. This is where the deposit would come into play!
Best of Luck
Jarrod
Jarrod lane Real Estate
Well people the property settled today, I didn`t want to say to much to jinx the deal.
The house sold for $97 500 and there never was a deposit.
I probably mentioned it sold at least five times previously and fell through with finance.
One time it sold for $110,000 which was a heartbreaker when it fell through.
Ultimately I needed the money for another renovation so I sold cheaper.
I bought the house for $65,000 a little over a year ago so can`t complain I suppose, lot of problems though.
It was a run down three bedroom lowset in Park Avenue.
It was CF+ but was too far away to renovate and keep an eye on, I will buy in Brisbane or Bundaberg again quite soon.
The house sold for $97 500 and there never was a deposit.
I probably mentioned it sold at least five times previously and fell through with finance.
One time it sold for $110,000 which was a heartbreaker when it fell through.
Ultimately I needed the money for another renovation so I sold cheaper.
I bought the house for $65,000 a little over a year ago so can`t complain I suppose, lot of problems though.
It was a run down three bedroom lowset in Park Avenue.
It was CF+ but was too far away to renovate and keep an eye on, I will buy in Brisbane or Bundaberg again quite soon.
Good to hear Mark
I'd been flollowing this thread and was wondering how you'd got on. Glad to see it turned out ok.
Cheers
I'd been flollowing this thread and was wondering how you'd got on. Glad to see it turned out ok.
Cheers
G'day markpatric,
Glad to hear it worked out OK. I must admit to being a little "non-plussed" that the agent didn't push for a deposit AT LEAST large enough to pay their commission (which does tend to be the norm IMHO). Maybe the buyer is a "mate"......
Anyway, you're OK - so that's good,
Regards,
Thanks guys, I wasn`t too happy with the way the agent handled the sale/s but another agent (the managing agent) had the property the same length of time and showed noone through the house!, how one can show around 20 through, while another supposedly has no enquirees (AP) is beyond me, something was going on.
I learned many good lessons with regard to where and what I will buy in the future.
Not too far from home.
No asbestos/fibro homes, unless I`m prepared to do the work.
Murphys law with regard to tenants. ie my last tenant had to vacant since she supposedly had very real death threats!.
I learned many good lessons with regard to where and what I will buy in the future.
Not too far from home.
No asbestos/fibro homes, unless I`m prepared to do the work.
Murphys law with regard to tenants. ie my last tenant had to vacant since she supposedly had very real death threats!.
