Help please ! They had no finance !!

I have now sought legal advice, i will send the Conveyancer a 14 day notice to complete .
Otherwise i will require their 10 % deposit.

In the meantime interest to be charged

 

I haven't read all the posts above so maybe this was menitoned - Get a solicitor and issue them a notice to complete. If they don't complete within the required time, 14 days at least, terminate the contract and keep their deposit.

Better consider changinng the locks as they probably have cut keys already.

 

But if you rescind the contract you will have to find another buyer and wont have the cash for your new apartment? Could you talk to the vendor of the new apartment and let them no your situation? It sounds pretty sucky; but if the whole reason you did this, and sold under value, was to get this apartment it would seem to me that you might be cutting off your nose to spite your face.

 

Terry is right. You need to sought this out and stop them accessing the property.

Write to the agent to state that you have changed locks and that there is to be no access until the property is settled.

 

Thankyou to everyone who responded.

I did go and get Legal advice, at cost to me , ouch !

I have been told to instruct my Conveyancer to give 14 days notice to the buyers from date of settlement.
They will also be charged daily interest until they settle.
After 14 days i will, ask to take back the house and they lose their deposit

I have since found out the Conveyancer is also acting for them too ,,
How unethical is that !

 

What!?!
Never just go with the conveyancer/solicitor the agent recommends to you. Ditto P&B....

 

Your right ! I trusted the real estate agent, but never again will i make that mistake , she seemed to know what she was doing.
She must of reccomended the buyer to use the same Conveyancer as well.

Well i have instructed her to send a 14 day notice to settle from settlement date which i get about $80 a day in interest.
I phoned her as well as she didnt seem happy and told me all it was was a extra few weeks

 

Sack your conveyancer and go with someone else. I'd be furious if mine not only decided to act for the other party but kept it hidden from me

 

Last year I bought three properties in the same area and the solicitor I was using was also the solicitor for one of the vendors. He got me to sign a form stating that I was aware of this fact. Whether he was just covering his butt or it was a requirement, I'm not sure, but either way it was a good thing.

This was in SA though, not sure if they have to disclose it in NSW.

Is it actually a conveyancer or a solicitor? $1300 seems expensive for a conveyancer, doesn't it?

 

Sounds like they've breached the regulations if they didn't disclose it to you. See bottom of this page re "Conflict of interest": http://www.aicnsw.com.au/for-conveyancers/faq-members/

 

Good finds Spludgey and Perp.

 

Sought out the sale first as your priority and then if you feel inclined, chase the real estate agent and conveyancer.

 

When you counter signed the contract didn't it have their conveyancer details completed? If you signed second surely you received a copy afterwards from the agent or "your" conveyancer in their welcome letter.

 

I received the contract via smartphone and used the pen on the phone to sign and sent it back via email.
I didnt see anything about them acting for the other side though.i maybe wro g because i dont read all of it.

All im concerned about is that the Conveyancer gives them that 14 day letter a Notice to Complete.

If the sale doesnt complete ,terminate the contract and forfeit the deposit to me if the purchaser fails to complete within the 14 day period.

Otherwise claim interest as provided in the contract .

 

How did you read the contract on a smart phone?

Any disclosure about them acting for both parties wouldn't have been in the contract of sale. It would have been on a separate document.

have they actually given a proper notice to complete or just a letter saying hurry up. If the notice is not properly drafted or served it may be invalid.

Keep good records in case you have to sue the conveyancer.

 

Terry
Can i just ask if they want to give me the house back and they can keep their deposit?
I will give their deposit back .
I prefer to have my house back, but i inagine the Real Estate agent wants the commission or is entitled ??
Obviously the Conveyancer

I think they will have to pay the real estate agent though and the conveyancer ?
But im willing to take the house back .

Can i ask them to do that?

 

Perhaps they could sell it back to you at market price (and you incur SD) .

pinkboy

 

You can ask them for anything, but the important question is what happens if they say no. You will have to read your contract and see what terms you have agreed on and then follow the steps outlined in the contract to issue notice and to rescind.

The next problem will be getting their deposit off the agent. They will likely want to take their commission out of it - what have you agreed to there?

 

You didn't read a contract for something worth many times your yearly income??

Consider yourself lucky this is the worst that happened

 

I'm no expert but couldn't you not extend the settlement time and either refund the deposit or keep it if you are allowed to.

Your the vendor so I don't see why you have to extend the settlement unless they are going to compensate you for it.