A quickie. Friend purchased a property , 90 day settlement. Was told the vendor would accept cash bond as deposit. Vendor then decided they wanted longer settlement due them building a new house that wouldn't be ready till october, asked my friend for a longer settlement to allow this. My friend refused as they want the property ASAP. Deadline for finance was two days ago, which apparently should have gone through as planned. My friend was contacted by the vendors lawyers TODAY and was told that they will now only accept the cashbond as a deposit if they extend the settlement period like they want!!
My friend is of course very
as the date for the finance to be sorted was two days ago and as far as he knows it's all gone through. He has contacted his lawyer obviously, and seems like he got some clerk ....sounded very wishy washy the response something like "there was an expectation that the deposit would be cash" or something along those lines.
Just thought I'd throw it out here, are there any little quirks about cash bonds and acceptance that fit into this scenario?? Any reason why they might be able to have done what they have?? At the moment my friend is waiting to hear more back from his lawyers, but is hoping they are just trying to use the cashbond thing as a bluff.
Cheers.
My friend is of course very
as the date for the finance to be sorted was two days ago and as far as he knows it's all gone through. He has contacted his lawyer obviously, and seems like he got some clerk ....sounded very wishy washy the response something like "there was an expectation that the deposit would be cash" or something along those lines. Just thought I'd throw it out here, are there any little quirks about cash bonds and acceptance that fit into this scenario?? Any reason why they might be able to have done what they have?? At the moment my friend is waiting to hear more back from his lawyers, but is hoping they are just trying to use the cashbond thing as a bluff.
Cheers.
