Termination of contract

Discussion in 'The Buying/Selling Process' started by leslie, 3rd Dec, 2009.

  1. leslie

    leslie Member

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    Hi We signed contract to buy a property in WA with subject to Finance by one bank condition. The mortgage advisor advises me that we cannot get a loan for this amount but still has not given us the non approval letter. I asked for extension of time to settle finance condition, but the vendor refused it and placed the house back in market again. Now may I know what is the status of this contract and how can I get the deposit back? I have non approval letter from other bank but I was told that I have to wait for non approval letter from the bank I mentioned in contract to terminate the contract.Please advise what I can do to terminate this contract?
     
  2. Ausprop

    Ausprop Member

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    it is terminated. you failed to get an unconditional finance offfer on the terms stated, despite your best efforts, so that's the end of the matter. Go to the real estate agents office and refuse to leave until you have a trust cheque in your hands.
     
  3. Perp

    Perp Member

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    Have you advised, by the means specified in the contract, of your intention to terminate under the finance clause? You can - and should - terminate before you have the letter from the lender. The letter is simply the substantiation, but the reason for you terminating has already arisen and you should immediately terminate. If they demand a letter from the lender, then worry about chasing the letter, but terminate NOW. I don't think they'll even want the letter, if they've already put the property back on the market.