Lost Contracts

We recently signed contracts for a property in another state and somehow the contracts got lost in the mail. These contracts were completely signed by both parties. It would have settled this week.

So the real estate wrote up new contracts and has sent them out for the vendors to sign first and the vendors are stuffing around getting them back to us. They dont seem in any hurry to sell :rolleyes:

In the meantime, the real estate is holding a substantial deposit of our money, while they twiddle their fingers. They also had the original contracts turn up in the mail in the meantime.

So what I am wondering is does the original contract just become null and void as the original settlement day rolls by?

AND if we decide not to sign the new contracts, we will be able to get 100% of our deposit back, right?
 
are you telling me that no one took a copy before they were shoved in the post? how weird... all real estate contracts must be in writing, but if there is no contract now... but then again if it turns up :eek:
 
Yes we have a copy and yes they were in writing. They turned up at the estate agents finally but they are just scrapping them as settlement/finance cannot be made in time.
 
that's nice of the agents. Unfortunately they need yor permission. Iam sure the stamps office woul dbe interested in this matter too... the contract will need to be lodged for stamp duty assessment and refund (if applicable) with all parties agreeing to it in writing.

if you have a written copy and you want to proceed then enforce it. hit them for penalties for non performance.

or are you sayign you failed to make finance and it fell over?
 
No finance was fine but the bank needed the finalised contracts to proceed and as the originals were 'lost' the bank couldn't make the date. The real estate prepared new contracts anyway which we are waiting on.

Do you mean the real estate needs our permission to scrap the originals? They have to be scrapped, there is no way settlement could have been made by this week with the delay they were taking.

What penalties can you hit them for? This is an Australia post problem in reality. It's just crap that the vendors are still dawdling.
 
A couple of issues going on here... yes AP is at fault for losing them but that doesn't change the fact that there appears to be an unconditional contract in place (the first one?). Which - and you need advice here - would presumably make the second contract null and void as the property has already been sold. If you couldn't make the original settlement date you would be in breach? So it would be hard to hit them for penalities when it is your side that is the problem i.e. you don't have the finance organised. So.. talk to your lawyer but I would sugegst issuing a ready willing and able notice based on the first contract.
 
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