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.
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.