My partner and I have signed a contract to purchase an apartment. Everything up till finance has been sorted and we're on the home stretch.
We signed the loan offer with the bank and therefore made our contract unconditional.
The bank has now come back and informed us that there's been some issues with the offer we signed, and we'll now incur extra fees and a new offer will have to be signed as the last one is now voided. Catch is, they haven't even told us how much these fees will be, and we have to sign a form to allow them to take WHATEVER amount they need from our loan.
On the other hand, we've now got our settlement date booked in that will not be met in time which is the other issue. For every day over the settlement we owe the seller approx $150 as layed out in our contract. And as our contract is unconditional now we can not pull out without forfeiting our 10% deposit.
If we pull out now, can the seller sue us for damages as well as take our deposit? I'm just trying to sort out the options at hand and work out what's better for us financially, losing the deposit or potentially paying a myriad of unknown fees to the bank and not even being able to afford the apartment and being stuck between a rock and a hard place.
Any help appreciated!
We signed the loan offer with the bank and therefore made our contract unconditional.
The bank has now come back and informed us that there's been some issues with the offer we signed, and we'll now incur extra fees and a new offer will have to be signed as the last one is now voided. Catch is, they haven't even told us how much these fees will be, and we have to sign a form to allow them to take WHATEVER amount they need from our loan.
On the other hand, we've now got our settlement date booked in that will not be met in time which is the other issue. For every day over the settlement we owe the seller approx $150 as layed out in our contract. And as our contract is unconditional now we can not pull out without forfeiting our 10% deposit.
If we pull out now, can the seller sue us for damages as well as take our deposit? I'm just trying to sort out the options at hand and work out what's better for us financially, losing the deposit or potentially paying a myriad of unknown fees to the bank and not even being able to afford the apartment and being stuck between a rock and a hard place.
Any help appreciated!