Help! asked to sign no-condition contract..

Hi All,

Hope someone can give advice/share information on this situation.

We signed a contract for a new home more than a month ago, but voided it as our lawyer said the contract was dodgy (indeed, grossly false in many places!) and advised us against buying. We had already paid the initial 10% deposit to the trust acocunt of the real estate agency (reputable one). We even sent a copy of the paper-work to our home loan manager to get the approval within a period of 10 business days (as per our contract condition). We stopped the approval process as the contract was all wrong. Upon voiding the contract we asked to return our 10% deposit promptly to which they responded by saying they will give us a new contract. They assured us that they would work on getting us a new contract right away and kept putting off returning our 10% deposit. The Vendor and real-estate agent then hired a different solicitor and corrected the contract and have now given us the new one.

The new contract is all fair and good. However, unlike last time the Vendor has now told us that he will not accept our financial approval condition. We simply cannot do that. Even though our pre-approval has been granted, we need the final loan approval. We could not get an approval in between the time of the two contracts as we did not have a correct contract which would be acceptable to the bank! My question is: is this fair? Can the Vendor do this? Not only did they not return our money, and made us wait for the new contract for more than a month, now they will not let us include the loan approval condition. Is there anything that I can do to prevent this?

Quite distressed with all this. Would really appreciate some input.

Thanks in advance.
 
Cant your solicitor/lawyer just communicate directly with the real estate agent agent to organise for either a refund any money, or to provide a new contract with terms that are acceptable?

When we bought our current PPOR, the solicitors simply communicated directly with the REA to sort out the problems that needed to be dealt with, then just called us when it was sorted.
 
I agree 100% with what Dupli said. There is no contract they owe you the money back promptly.

On any new deal offered to you, it is separate from before, if you don't want to include a condition then don't. If the vendor wont have your finance conditions included then say NO DEAL and walk away, look elsewhere, and if the property is still for sale in a months time re look at the situation.

bye
 
You need to get a letter from them stating that the previous contract was null and void,before you can move on.
Your solicitor should have arranged this?
This will legally exit you from the old contract.

I had a previous contract that I pulled out on because of a building report,yet they would not cancel the contract until they seen the report:mad:
I couldn't sign another contract for another property until I had that letter.
 
Hi All,

Hope someone can give advice/share information on this situation.

We signed a contract for a new home more than a month ago, but voided it as our lawyer said the contract was dodgy (indeed, grossly false in many places!) and advised us against buying. We had already paid the initial 10% deposit to the trust acocunt of the real estate agency (reputable one). We even sent a copy of the paper-work to our home loan manager to get the approval within a period of 10 business days (as per our contract condition). We stopped the approval process as the contract was all wrong. Upon voiding the contract we asked to return our 10% deposit promptly to which they responded by saying they will give us a new contract. They assured us that they would work on getting us a new contract right away and kept putting off returning our 10% deposit. The Vendor and real-estate agent then hired a different solicitor and corrected the contract and have now given us the new one.

The new contract is all fair and good. However, unlike last time the Vendor has now told us that he will not accept our financial approval condition. We simply cannot do that. Even though our pre-approval has been granted, we need the final loan approval. We could not get an approval in between the time of the two contracts as we did not have a correct contract which would be acceptable to the bank! My question is: is this fair? Can the Vendor do this? Not only did they not return our money, and made us wait for the new contract for more than a month, now they will not let us include the loan approval condition. Is there anything that I can do to prevent this?

Quite distressed with all this. Would really appreciate some input.

Thanks in advance.
You could always complain,sounds like someone is not doing their job..
imho willair.http://www.liv.asn.au/
 
Last edited:
It seems the 10% deposit was related to the previous contract only. When that contract was voided, they should have returned the deposit and started from scratch.

You did not pay the 10% deposit on the new contract so they should return it.
Don't know who's worse, RE agents or lawyers.

By the way, why did you pay the 10% deposit on the 1st contract if it was dodgy?
 
Not doing their job

"Someone not doing their job" were my thoughts exactly. My experience is it is the lawyers job to sort that out for you, (I wasn't willing to post it as I wasn't sure if my experience was normal/standard).
 
Hi All,

Hope someone can give advice/share information on this situation.

We signed a contract for a new home more than a month ago, but voided it as our lawyer said the contract was dodgy (indeed, grossly false in many places!) and advised us against buying. We had already paid the initial 10% deposit to the trust acocunt of the real estate agency (reputable one). We even sent a copy of the paper-work to our home loan manager to get the approval within a period of 10 business days (as per our contract condition). We stopped the approval process as the contract was all wrong. Upon voiding the contract we asked to return our 10% deposit promptly to which they responded by saying they will give us a new contract. They assured us that they would work on getting us a new contract right away and kept putting off returning our 10% deposit. The Vendor and real-estate agent then hired a different solicitor and corrected the contract and have now given us the new one.

The new contract is all fair and good. However, unlike last time the Vendor has now told us that he will not accept our financial approval condition. We simply cannot do that. Even though our pre-approval has been granted, we need the final loan approval. We could not get an approval in between the time of the two contracts as we did not have a correct contract which would be acceptable to the bank! My question is: is this fair? Can the Vendor do this? Not only did they not return our money, and made us wait for the new contract for more than a month, now they will not let us include the loan approval condition. Is there anything that I can do to prevent this?

Quite distressed with all this. Would really appreciate some input.

Thanks in advance.

Just pull out of the deal and move on we never put anymore then 1k on an initial deposit to an rea no matter the price of the ip. have you signed the new contract making the old null and void as there is a 5day cooling off period vendor wont accept the finance clause there is no way I would go through with this deal most contracts have the finance clause even on quick settlement.
 
Just pull out of the deal and move on we never put anymore then 1k on an initial deposit to an rea no matter the price of the ip.
Not always an option, ours was a mortgagee repossession thingy and they wanted $3000 Or Else. The house was only $65k. Agent said it is just the standard conditions from that bank.
 
Not always an option, ours was a mortgagee repossession thingy and they wanted $3000 Or Else. The house was only $65k. Agent said it is just the standard conditions from that bank.

Mortgagee sale diffrent kettle of fish didnt think this was a mortgagee sale

most around here that are mortgagee sell for higher at auction then what you can pick a decent ip up neways so never bought one...
 
most around here that are mortgagee sell for higher at auction then what you can pick a decent ip up neways so never bought one...
Thats cos everyone rocks up thinking it will be a bargain and get into bidding wars. Same thing happens on ebay all the time. People, collectively, aren't a bright bunch.
 
We sometimes find that there is a bit of a gap in time between when the solicitor/conveyancer gets to send out the "Contract is terminated" letter to the real estate agent, who in turn is waiting to receive it to use as authority to release the funds from the trust account.
 
Top