Question on behalf of a friend.
A friend of mine is selling there PPR. Buyer offers $X and signs it to subject to finance. On the day of the clause due to end the buyer pays a deposit of $59,000. Couple days later he is asking for an extension for finance, by now the clause has expired.
If my friend says no to the finance does the buyer lose his deposit? The solicitor is saying no as the sale fell through and gets it back in full. I believe they will lose some of the deposit as subject to finance clause had already finished when they asked for an extension.
Other wise what is the point of a contract?
Property is in Victoria.
A friend of mine is selling there PPR. Buyer offers $X and signs it to subject to finance. On the day of the clause due to end the buyer pays a deposit of $59,000. Couple days later he is asking for an extension for finance, by now the clause has expired.
If my friend says no to the finance does the buyer lose his deposit? The solicitor is saying no as the sale fell through and gets it back in full. I believe they will lose some of the deposit as subject to finance clause had already finished when they asked for an extension.
Other wise what is the point of a contract?
Property is in Victoria.