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
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