Any advice would be appreciated.....
Seven months ago we paid an $11,000 deposit on a fixed contract for a townhouse, using our line of credit for the deposit. Construction was due to commence January 05. We have waited patiently and now the RE Agent has advised that the Project Manager has decided to cancel the contract. He suggested that, as the townhouse will cost an extra $50k to build, we might like to split the difference. What a joke! We've asked for our deposit back.
If we pulled out of a contract as purchasers, we'd have to forfeit part of the deposit. What happens when the vendor pulls out after 7 months of holding our deposit? Can we claim any interest from them? Also can we ask for them to pay our solicitor's fees?
Thanks
Shirley
Seven months ago we paid an $11,000 deposit on a fixed contract for a townhouse, using our line of credit for the deposit. Construction was due to commence January 05. We have waited patiently and now the RE Agent has advised that the Project Manager has decided to cancel the contract. He suggested that, as the townhouse will cost an extra $50k to build, we might like to split the difference. What a joke! We've asked for our deposit back.
If we pulled out of a contract as purchasers, we'd have to forfeit part of the deposit. What happens when the vendor pulls out after 7 months of holding our deposit? Can we claim any interest from them? Also can we ask for them to pay our solicitor's fees?
Thanks
Shirley
but your solicitor should be able to answer all your questions. As far as I knew, the vendor had no rights to rescind a contract of sale once it had gone unconditional, but you will need to check out the specifics with your representative. Good luck and let us know how it all pans out!
