Hey guys
While this doesn't fall in the category of commercial property it is non-resi business, so I though this was the best place...
In 2007, my parents had an offer to purchase their business which went unconditional. The purchasers had paid the 10% deposit to the REA. The purchasers subsequently pulled out and haven't been heard from since. Correspondence between my parents solicitor and the REA was unsuccessful in claiming the deposit. As the offer was unconditional my parents believe this deposit is rightfully theirs...nothing further happened for a while
Recently, they sent a personal letter to the REA requesting release of the deposit to them. The REA telephoned them and arranged a meeting at which he asked my parents to sign a release handing the deposit over to the purchaser? Apparently they are now claiming we were in breach of the contract by not providing the lease within 7 days - from everyone's recollection the lease was provided in accordance with the conditions of the contract. My parents obviously didn't sign this...the REA then suggested if the contract was unconditional he would be entitled to full commission and that was the entire deposit...its a substantial deposit too btw...they think the REA has already used the deposit for his own purposes...
What should do they next?? I've suggested calling REIQ and seeing if there is a reporting system? But beyond that, can anyone suggest anything? Are my parents entitled to the deposit? Is court the only option?
Thanks for any ideas! I'll keep researching in the meantime
Cheers
J
While this doesn't fall in the category of commercial property it is non-resi business, so I though this was the best place...
In 2007, my parents had an offer to purchase their business which went unconditional. The purchasers had paid the 10% deposit to the REA. The purchasers subsequently pulled out and haven't been heard from since. Correspondence between my parents solicitor and the REA was unsuccessful in claiming the deposit. As the offer was unconditional my parents believe this deposit is rightfully theirs...nothing further happened for a while
Recently, they sent a personal letter to the REA requesting release of the deposit to them. The REA telephoned them and arranged a meeting at which he asked my parents to sign a release handing the deposit over to the purchaser? Apparently they are now claiming we were in breach of the contract by not providing the lease within 7 days - from everyone's recollection the lease was provided in accordance with the conditions of the contract. My parents obviously didn't sign this...the REA then suggested if the contract was unconditional he would be entitled to full commission and that was the entire deposit...its a substantial deposit too btw...they think the REA has already used the deposit for his own purposes...
What should do they next?? I've suggested calling REIQ and seeing if there is a reporting system? But beyond that, can anyone suggest anything? Are my parents entitled to the deposit? Is court the only option?
Thanks for any ideas! I'll keep researching in the meantime
Cheers
J