heres a curley question

C

csc

mate of mine just rang me, poor bloke just lost his job today (mine related) Qld

he has just sold his house Qld property, hasnt gone unconditional yet though.

the buyer has already done building inspections etc and legal stuff is being processed........my mate wants to bail out of the contract...he owns the house, was going to build but now he's retrenched thats on hold.

i told him he needs to make contact with his solicitor asap and discuss....hes off with the fairies right now and not thinking straight..

any thoughts if he can get out of the contract or not?

unconditional next monday i believe...

id say at best he would have to pay the buyers inspection costs but i really dont have a clue about the legal ramifications he faces in regards to r/e commissions either.

any feedback welcome.

cheers
 
He cannot legally pull out of the contract. The conditional part is only for the buyer not the seller.

Only by mutual agreement. A solicitor won't be able to help stop a binding agreement!
 
ok thanks for that...he is going to his solicitor tomorrow...hes currently blind drunk so wont bother to give him the bad news....

i havnt heard of a seller wanting to bail out of a contract before personally......handy to know its definitely a binding contract

cheers
 
I think it is worth contacting the buyer, they might be compassionate as long as they recover their costs. Nothing to lose really, have they!
 
csc said:
mate of mine just rang me, poor bloke just lost his job today (mine related) Qld

he has just sold his house Qld property, hasnt gone unconditional yet though.

the buyer has already done building inspections etc and legal stuff is being processed........my mate wants to bail out of the contract...he owns the house, was going to build but now he's retrenched thats on hold.

i told him he needs to make contact with his solicitor asap and discuss....hes off with the fairies right now and not thinking straight..

any thoughts if he can get out of the contract or not?

unconditional next monday i believe...

id say at best he would have to pay the buyers inspection costs but i really dont have a clue about the legal ramifications he faces in regards to r/e commissions either.

any feedback welcome.

cheers
Click to expand...
The remedy for breach of contract in this case would be very high in dollar costs if the buyers wants this property and is prepared to make it enforceable,and as this contract is in writing i don't think your mate can walk away from this one,he would be up for more then the agents costs-inspection costs,after all all contracts are legally inforceable once the "INK"is dry..imho..willair..
 
Although, a very kind investor tells a story of her and her husband purchasing a old man's property, the contract went unconditional, then the old man decided he got ripped off and refused to settle. During the 3 month settlement period after it went unconditional, the value of the place went up about 60K. This was alot of money to the old man.

He told everyone, especially the Buyers threatening solicitors, to get stuffed, dug his heels in and refused to sign the Transfer of Land document and they had a hell of a time trying to enforce their "rights".

After more than 2-1/2 years.....they finally forced the old man to relinquish his home and settle on the contract. He still didn't sign anything, but the judge in the Supreme Court ordered it be so.

We'd never heard of something as bizarre as that. The old man stood his ground right to the bitter end. People say on this forum "dig your heels in and stand your ground" all the time but it is very difficult and emotionally draining to actually do.

Once again, it proved to me, that trying to actually force , a sane adult to do something they refuse to do is an extraordinary feat indeed if they resist all the way. (As opposed to just poncy legal threatening letters from lawyers that aren't worth wiping your a$$ on if you aren't scared of lawyers).....

So, if your mate wishes to make it really really difficult, he certainly has that option.
 
hi csc
I have funny question.
why was he selling
if the buyer is paying him the amount for the market then why does he want to stay.
he just got sacked.
for me it would be better to use the time to find a place
he can find work and find a place there to live
and he has a sale so he can show income or at less cash in the bank.
instead of trying to salvage this sale which he already agreed to sell and if the sale is at the right price for the area and I hope it was
then move on.
maybe look at renting townsville has a heap of houses up for sale so i hear.
what you need to do is instead of trying to save this sale unless he sold to low which was a mistake in the first place move on
what you need to do is give this guy a hand and give him a bit of direction
and my view would be first find a cheap house to rent on a week by week
even if its three towns away
then find a place to work and use the cash in his account to buy a new house( or a old house but new to him)
and forget about a sale
the house was sold as soon as he agreed and never get to attached to property.
he has lost his job so what lots of people do that he needs to look at not what he had but what hes got.
take the sale
minimise any loss,
capitalise on any profit.
find a new job (in whatever he likes)
and find a property in that location
not rocket science
the other choice is
stay where he is
fight to hold a house he wanted sold.
live in an area he worked in and sit in the doledrums.
ha guess which one I would take.
oh and tell him that getting sacked is not a bad thing.
some of the best business men got sacked.
getting sacked or retrenched means you have to reevaluate your position
and that can work out for the better and usually does.
you mate if in mine area is relatively tuff so standing up and finding a job some where else will not be that difficult so look at this not as a problem.
all he is doing is cutting a few loose ends.
and he has a sale at a price before he was sacked he was happy with (I hope)
for me every bad story has a flip side
you as his mate need to work on the flip side
as you may need him one day to find your flip side.
add ... ,,, or


as needed
 
Yep, I take your point GR, on a logical level, but I guess when you lose a job and all around is chaos you might just want to bunker up at home for a bit.
 
grossreal..for sure vaid points you raise but his wife is 4 mths pregnant with their 3rd child to boot...i just think that she wants to be settled in her mind and keep her "nest' in tact............strange breed females (apologies to all females) when they are pregnant..

the house he was going to build he was going to need a loan...hence now he wont be able to service it...

for them heading into the unknown is pretty scary...

he was earning over $140k year so now the challenge for him is to try and find a job locally and be happy with half that wage value....therein lies the issue...he has to try and find a job......thats the uncertainty and why they want to pull out of the contract.

hes heading off to chat to his solicitor today so ill post anything that may come out of it for future reference on the forum.

i think he would want to avoid litigation of any kind so big chance he will just have to wear the consequences and move forward with another plan.

ironically he is selling to another miner that he doesnt know so they may come to an agreement and he can stay.

the other party is pretty keen to move in but you never know, depends on his circumstances i guess as well.


cheers
 
Like Grossreal said, with the house sold he is free to move to where the work is and can buy another house within their affordability range when it suits them. Help him to look on the bright side - had he been a bit further down the track with the mortgage on the new house and construction underway, things would be much stickier.

Unfortunately people have to come to the realisation that ridiculously high wages in the mining industry could only continue while the resource boom boomed and that making long term financial commitments based on the expectation of that continuing well into the future would lead to trouble.
Your friend might take a little while to get over the initial shock of losing his job but really he is not in such a bad position. There are still plenty of job opportunities out there if the employment section of the local paper here is any guide.
 
TPFKAD said:
After more than 2-1/2 years.....they finally forced the old man to relinquish his home and settle on the contract. He still didn't sign anything, but the judge in the Supreme Court ordered it be so.

We'd never heard of something as bizarre as that. The old man stood his ground right to the bitter end. People say on this forum "dig your heels in and stand your ground" all the time but it is very difficult and emotionally draining to actually do.
Click to expand...

TPFKAD,the old man in the end had to play the game,and after all the legal costs,worry ,stress, and 10 years off his life, no one wins only the legal teams on both sides of the fence,what Grossreal has said stands out to me but then again i'm a old man too,and have been brunt more times than a late friday night hamburger waiting for all the late night drunks ..willair..
 
Pushka said:
I think it is worth contacting the buyer, they might be compassionate as long as they recover their costs. Nothing to lose really, have they!
Click to expand...

I think this is the best option, as Pushka says: Nothing to lose and plenty to gain.

If it doesn't work, tell him to buy a property with dual occupancy and get some income from a tenant.:)

Regards JO
 
Rixter said:
Only the purchaser's roof over their heads that provides emotional stability for their family unit. Sometimes its not just about money!
Click to expand...

Of course, but that isnt answering the query of the original poster. The buyer is the 'unknown' party, the seller is the one we are 'concerned' about here. And I presume they are living somewhere at the moment.
 
TPFKAD - If they were buying the old man's house as an IP they'd have got 2.5 years of CG without paying any interest, only legal expenses. Might have worked out OK for them after all!
 
This thread is doing something weird - it shows two pages but I cant get to the second one! Ah, this post seems to have pushed it over now!
 
A friend of mine bought a shop off an old guy 30 years ago, and he decided he didnt want to sell. It took 2 years to get him to court but the judge made him complete the sale in the end. So it seems it is pretty binding.
 
hi all
for me there is no two pages
as I listen to my amway disks for the next 5 hr drive tomorrow.
they bring me a very intersting question.
males and females
and this person needs to ask a very simple question with or without a pregnent wife( and I will say out right now and will probably carry a heap of venom being a male)
you need to have the b--ls to decide what you and your family want to do.
life is not a bed of roses
and ha the only person that tells me it is a roses seller.
if you think that people can't pull up roots and move because they have to sorry you are talking to the wrong guy
and if you think you don't have the ba--ls to do it again your wrong.
for me this guy is in the best position not the worst
he simply says well what do you want to do
and the answers is
get me out of here
so simple do it
your mate needs leadership
so step up
do a kangaroo
for those that don't know
a kangaroo can't step back
it is impossible to step back
it will fight to the death before it will step back
not because it does not want to
it can't
it does not have the ability to go backwards
nor does your mate
for me this is not a curley question
its a simple question.
he needs to understand or work out how he is going to get thru this problem.
he has a sale sell it
he has a wife that needs security find it
and he needs a job find that as well
its that simple
and don't worry about all the other s--t
and if he needs help give it to him
for me this house was sold the moment sorry the second even the micro second he agreed on price.
and anyone that tells him different is looking for fees or commision.
I can tell you one thing and as a rule I don't post (and have a look)
you acn't tell me that on this rock of ours that some where
from china, dubai,africaor what every does not need people that work in the mining industry well hell i'm from mars.
from the post most are asking what about the buyer
what about the buyer
sell it
if you don't want to sell
why sell in the first place.
as in qld please explain
 
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