Buyer pulls out a week before settlement with no penalty?

This doesn't make sense. Your contract is with the purchaser, not Westpac. If your contract was subject to finance and that condition was met they would be locked in - unless other conditions not met.

 

that sounds like the emails I get for an ebay auction

 

So where your Finance date is on the front of the contract, no finance date listed and states (schedule 2) and then that leads to (Schedule 2 - Special Conditions) and the clause is found under that section ?

 

Is that a legit Westpac letterhead? (no address, no ACN, contact details of loans department are missing).

 

Letter is rigged.
Your solicitor is your best friend.

 

I'm fairly certain that this is not a legitimate letter from Westpac. Your solicitor should contact Westpac directly to investigate. Westpac's letters generally look very different, this is likely fraudulant.

Furthermore your agreement with the purchaser is outlined in your contract of sale. If they didn't include some sort of clause regarding this, then they're likely in breach of the contract. You can likely keep the 10% deposit and possible litigate for additional damanged (although that's probably not worth the cost).

 

Buyer must be desperate (and desperately stupid) to pull something like that. Westpac would not like that at all. How did your solicitor think this was legit??

 

Well done PC for flagging a fake Westpac letter! Even the signature looks fake, it looks too thick. Your solicitor must have been born yesterday or you're trolling

 

This is the exact email I got from my conveyancer with the Westpac letter attached..


“Hi Daniel,
Unfortunately we have received notice from the buyers solicitor that the buyers financier has revoked the loan approval therefore the Buyer has elected to terminate to Contract pursuant to the Covid-19 related condition on their finance approval. I have attached the termination letter provided by the buyers solicitor.

At this stage the Contract is at an end.”

I will investigate this today and let everyone know the result.

 

sounds suss! Call your solicitor first thing

 

? Your contract isn't with their bank though. So unless you okayed the new clause, I don't see how it's your issue.

 

But even if the finance crashed, it's irrelevant after the finance clause expires.
Given that the contract was signed over 5 weeks ago, there's no way I'd accept a finance clause excuse. If the buyer actually did fall on hard times, I'd try and minimise their losses, but I wouldn't just let them walk away. Obviously if they made a fake letter and sent it to me, I would no longer care about their financial postion and try and enforce the contract and file a police report.

 

my italics. May need legal advice from a solicitor.

This is the perfect answer to your old question about whether you need a lawyer.

Conveyancer to sell a property?

not a problem, until it is.

 

When Selling in brisbane recently, i followed up with my soli on every date that conditions expired, and made sure the buyers soli confirmed it. ie buyer confirms building and pest condition is satisfied, buyer confirms finance clause is satisfied, contract is now unconditional.

i emailed my soli specifically asking can you confirm that the contract is now unconditional etc.

if all conditions were satisfied last week, you should have received confirmation that the contract was unconditional.

did you get, or request, this?

 

Started off with solicitor then changed to conveyancer. I’m suss. OP is trolling or clueless. I can’t even picture a conveyancer saying something so dumb as “At this stage the Contract is at an end.”

 

I was under the impression that you needed to use a solicitor in QLD. Am I mistaken? Maybe I'm confusing it with SA?

 

Your right, I was mistake in the original post, I am using a Local conveyancer, not solicitor.