Mortagee selling house with existing contract

[jah]

Hi All

Bought a property in December 2012, signed a contract and paid 10% deposit.

Ex-husband took a ceveat and the settlement did not take place (twice). The sole owner (wife - vendor) is behind in payment with the likelihood of defaulting. They both have court cases against
each other and looks messy.

Will be engaging a lawyer this week for some advise but wanted to know my options:

1. Cancel the contract? If yes then how and what's involved? Do I get compensation for costs incurred (loan application, lawyer fees + plus my 10% deposit)

2. If mortgagee (bank), decided to sell the house, will it honour the contract in place or not. If not, and they decide to sell to someone else then will I get back my deposit after the house is
sold to someone else?

Please note I also put a caveat on the house last week.

3. Anyone knows a good Victorian (Melbourne based) lawyer who can deal with this situation

Exciting isn't it...my first house buying experience

Thanks

 

[Shaneelastic]

has your deposit been released yet?

 

[Terry_w]

Hi All

Bought a property in December 2012, signed a contract and paid 10% deposit.

Ex-husband took a ceveat and the settlement did not take place (twice). The sole owner (wife - vendor) is behind in payment with the likelihood of defaulting. They both have court cases against
each other and looks messy.

Will be engaging a lawyer this week for some advise but wanted to know my options:

1. Cancel the contract? If yes then how and what's involved? Do I get compensation for costs incurred (loan application, lawyer fees + plus my 10% deposit)

2. If mortgagee (bank), decided to sell the house, will it honour the contract in place or not. If not, and they decide to sell to someone else then will I get back my deposit after the house is
sold to someone else?

Please note I also put a caveat on the house last week.

3. Anyone knows a good Victorian (Melbourne based) lawyer who can deal with this situation

Exciting isn't it...my first house buying experience

Thanks

1. yes it is likely you can cancel contract if settlement hasnt happened in the required time frame. check your contract. you wont get any compensation unless this was agreed to in the contract. your deposit will be returned.

2. probabaly not. you will need to entered into a new contract with the mortgagee.

 

[jah]

has your deposit been released yet?

Not yet...I plan to engage a solicitor this week to request a cancellation and return/release of deposit.

 

[jah]

1. yes it is likely you can cancel contract if settlement hasnt happened in the required time frame. check your contract. you wont get any compensation unless this was agreed to in the contract. your deposit will be returned.

2. probabaly not. you will need to entered into a new contract with the mortgagee.

Thanks TerryW