Hello, everyone,
I’ve signed a contract with an acquaintance to buy a unit (private sale with no REA, but both of our lawyers had read through contract for us before signing).
Long story short, the contract became unconditional and the settlement date is this Friday the 22nd. Early this afternoon, the seller called me to ask stop contract (which is the 3rd time he wants to withdraw, and I had said Yes twice before, but he chose to keep going later on).
I told my lawyer I want the seller pay the cost incurred (which is only $440 for inspection and lawyer fee from my lawyer, possibly around $300) plus a penalty of $5000. ( I paid deposit of $10K).
My lawyer told me he and sellers lawyer had a discussion, and they think I can get around $1000 including all fees occurred. He told me I can only claim direct cost, not indirect loss such as waste in time or live under pressure/stress. And if I want to pursue the contract, I have to go to court and the lawyer will ask $15000 for such a case and even if I won, I will still pay 30% normally. The whole time he’s talking to me just make me feel like he’s convincing me to give up on the contract.
When I ask my lawyer if Seller have to pay penalty in such a case, he said “we(as lawyers) normally negotiate to pay direct cost only”, and I asked what if a buyer wants to withdraw from an unconditional contract? Will the buyer lose deposit? (in my case, this is $10K I paid), He just said “we will negotiate for that”. Somehow I just feel he’s not working for my interest. (My lawyer and seller’s lawyer happened to work in the same firm, not sure this is relevant or not)
I don’t like the way he led me, also the saying “I and seller’s lawyer think you probably can get $1000 only”, so I asked if they contacted seller and passed my claim (email) to him, he said “No”. So I asked him to pass my claim to the seller and see what he decide.
15mins later, my lawyer called me said the seller and his lawyer had discussion, since I asked so much, they’ll continue to try to push another contract (seller is buying another house using the money seeling this unit to me, it seems has some problems at that end). So the settlement date will be extended to 01/03/2013 with possible more extension needed. (That’s the 2nd extension on this contract, was originally the 15th and then the 22nd Feb).
I’m in Brisbane, not sure if the law regarding this case are same from state to state, could someone tell me do I have a ground to ask penalty (more than the direct costs) and how much normally that is? And anything I shall concern for this indefinite extension? (Frankly speaking, I have fed up with this seller now and do not want ever to do business with him. I don’t care I don’t get the unit, just feel so angry for his behaviour, and think he deserve a lesson for mucking around with contract. But I’m ok to go ahead with the contract, as it’s still not a bad deal)
Really appreciate your input!
BeeP
I’ve signed a contract with an acquaintance to buy a unit (private sale with no REA, but both of our lawyers had read through contract for us before signing).
Long story short, the contract became unconditional and the settlement date is this Friday the 22nd. Early this afternoon, the seller called me to ask stop contract (which is the 3rd time he wants to withdraw, and I had said Yes twice before, but he chose to keep going later on).
I told my lawyer I want the seller pay the cost incurred (which is only $440 for inspection and lawyer fee from my lawyer, possibly around $300) plus a penalty of $5000. ( I paid deposit of $10K).
My lawyer told me he and sellers lawyer had a discussion, and they think I can get around $1000 including all fees occurred. He told me I can only claim direct cost, not indirect loss such as waste in time or live under pressure/stress. And if I want to pursue the contract, I have to go to court and the lawyer will ask $15000 for such a case and even if I won, I will still pay 30% normally. The whole time he’s talking to me just make me feel like he’s convincing me to give up on the contract.
When I ask my lawyer if Seller have to pay penalty in such a case, he said “we(as lawyers) normally negotiate to pay direct cost only”, and I asked what if a buyer wants to withdraw from an unconditional contract? Will the buyer lose deposit? (in my case, this is $10K I paid), He just said “we will negotiate for that”. Somehow I just feel he’s not working for my interest. (My lawyer and seller’s lawyer happened to work in the same firm, not sure this is relevant or not)
I don’t like the way he led me, also the saying “I and seller’s lawyer think you probably can get $1000 only”, so I asked if they contacted seller and passed my claim (email) to him, he said “No”. So I asked him to pass my claim to the seller and see what he decide.
15mins later, my lawyer called me said the seller and his lawyer had discussion, since I asked so much, they’ll continue to try to push another contract (seller is buying another house using the money seeling this unit to me, it seems has some problems at that end). So the settlement date will be extended to 01/03/2013 with possible more extension needed. (That’s the 2nd extension on this contract, was originally the 15th and then the 22nd Feb).
I’m in Brisbane, not sure if the law regarding this case are same from state to state, could someone tell me do I have a ground to ask penalty (more than the direct costs) and how much normally that is? And anything I shall concern for this indefinite extension? (Frankly speaking, I have fed up with this seller now and do not want ever to do business with him. I don’t care I don’t get the unit, just feel so angry for his behaviour, and think he deserve a lesson for mucking around with contract. But I’m ok to go ahead with the contract, as it’s still not a bad deal)
Really appreciate your input!
BeeP
