In my case, I've made 0.25% deposit on this property, both the vendor and I signed contracts but now the vendor says that the bank denied him loan approval to purchase a property for which he also has made the 0.25% deposit.He wants to pull out of selling his property.I can sympathise with him and I would not like to be in his place.Is there any way (legally) that he can pull out?
That's right the cooling off period is for the purchaser not the vendor.
I take you have another offer which is higher.
That would be the only reason the seller would normally want to pull out.
Or you found out the listing agent has underpriced the property and sold to his brother-in law.
I would be surprised if a form 28 disclosure of beneficial interest isn't required for this? It states "the purchase of property is made for the selling agent or the selling agent’s associate. (The selling agent’s associate includes the selling
agent’s spouse, de facto spouse, parent, brother, sister, child or stepchild, or child or stepchild of the selling agent’s spouse or de facto spouse.)"
Although it doesn't state brother-in law, it is an inclusive list only and as such not exhaustive. I would be very surprised if this isn't also covered.
It sounds like this happened to you? If so what was the outcome?