Pulling out of selling

Can the seller of the property pull out during the cooling off period after accepting and signing contract for 0.25% deposit?
 
No, the cooling off period is for the purchaser only. Once the vendor has signed, they're bound to complete the contract unless the purchaser reneges on their contractual obligations.
 
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.
That's gazumping.
 
Pulling out of selling.

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?
 
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?

He is foolish not get a loan pre approved.
 
Possible to consider:

1. renting to the vendor after settlement
2. delay settlement until they sort themselves out - 3, 6, 12, 18, 24 months?

The Y-man
 
The delay of the settlement can work in your favor too as the property value is likely to keep going up while you are not having to cover any of the holding costs.

Wishing you every success, Ana
 
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.
That's gazumping.

Or you found out the listing agent has underpriced the property and sold to his brother-in law.:mad:
 
Or you found out the listing agent has underpriced the property and sold to his brother-in law.:mad:

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?
 
Unfortunately you don't have much control.

You can't force someone to settle unless you want to drag it through the courts. Is this property worth doing that?

If they are far off on their finance they won't be going anywhere - which means you won't either.

Have been a few posts before:

http://www.somersoft.com/forums/showthread.php?t=50165&highlight=notice+complete

http://www.somersoft.com/forums/showthread.php?t=42614&highlight=notice+complete

Maybe go and knock on the door of the vendor and have chat face to face about what's going on.

Good luck
TBW
 
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?

Not to me- I just used to see the shennanigans the agents got up to at Ipswich when I worked there a few years ago.Some classic examples include:

Alcoholic vendor sells to nominee company of principal of RE agency at 25% below market price.

Auctioneer buys property after fails to reach reserve whilst conferring for instructions (with 2 bidders outside house waiting for auction to recommence).

I note the comments about disclosure but frequently these transactions fly under the radar and in the odd chance they are discovered it is often years after the fact.
 
The house I just bought was a good one, the agent was busy so let the owner of the house (who use to be a real estate agent) ACT as if he was the selling agent who worked there.

Didnt bother me because once they found out I knew they were EXTREMELY nice & I got the house for a steal, as well as property managed for no let fee and 5% PM.

Funny thing is I was walking around the house, which needed renovations, complaining about how messy & lazy the owners must be :D
 
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