Buyer pulls out a week before settlement with no penalty?

$1,000 goes a long way in Qld.

 

Had to check that the first post wasn't on the 1st of April....

 

Generally the responsibility of the seller's solicitor/conveyancer sometimes the agent - if you look at a standard resi contract in QLD it has a spot for initial deposit ($1000) "with remainder of deposit payable: (either insert timeframe or put "at Unconditional Approval") so sounds like your contract may have had "payable at settlement" which if the buyer agrees to then there's nothing wrong with it, my point is it's not normal or standard.

 

Not sure what type of properties or how many but yes no risk to you when buying but if you were to sell one of your QLD properties and your solicitor advised you that it was "normal" to only accept $1000 until settlement would you take the advice or would you want the 10% at unconditional finance?

 

It sure does.
831b/49-63 Williams Esplanade, Palm Cove, Qld 4879
https://www.realestate.com.au/property-apartment-qld-palm+cove-428979298

 

It turns out the Westpac letter was legitimate.

Below is the clause that my conveyancer agreed to then the buyer later used to pull out.

2FB375A9-DDDB-4290-8825-2E408B8043A5 by Danieljk101 posted 8th Apr, 2020 at 2:53 PM

EBD5A92F-9800-46E0-9947-D2A70F447923 by Danieljk101 posted 8th Apr, 2020 at 2:53 PM

 

What do you mean your conveyancer agreed to it? Did you know about it?

This reads like the contract was never unconditional because the finance clause was not fully satisfied but change to this new condition.

The irony is that the people who need the most help are the least willing, or have the least understanding of the need, to pay for good advice.

The buyers solicitor definitely looking out for their client and earning their fee here.

 

What was agreed to on the 27th of March? I thought the contract was signed in February?

 

27 Mar was probably when the finance clause was due to expire.

 

Your conveyancer is not party to the contract either. It is between buyers and sellers

 

Does anyone know what would have been the outcome had the seller (OP) not agreed to this proposed clause?
Seems like they got out maneuvered by the buyers solicitor/conveyancer (my interpretation)

 

(Lawyers can confirm, this is not advice just opinion).

If the seller had not agreed, the buyer either pulls out of the contract using the finance clause, or the contract goes unconditional.

But other options include agreeing to the clause in exchange for a bigger non-refundable deposit. The buyer may not agree, but then the op doesnt seem to understand what they agreed to either.

 

Daniel Keep in mind that you might have to sue the conveyancer.

 

As in most cases, prevention would have been so much easier.

 

Maybe, we also love to know who did your conveyancing/ contract of sale.
They will have none of my business or my contacts' business in the future.
Private message me if possible as this is serious.

 

This, in my interpretation of the letter, is a delay event as per Cl 6 so the contract is not at an end.

Your conveyancer is out of their depth.

 

Holy s*** this.

That was my first thought when I saw that the conveyancer might have agreed to it on the OP's behalf.

 

@Danieljk101 were you aware/made aware by your conveyancer of this condition? did you explicitly agree to it/sign on it? If the answer is 'No' - then as Trump says it, you better 'have a good look' at your conveyancer

 

Coronavirus prompts sudden lending changes for hopeful home loan borrowers

When you are buying you may need to put in a clause if the banks pull the finance the contract can be cancelled. Which is what banks appears to be able to do !