Help please ! They had no finance !!

Discussion in 'Legal Issues' started by Darlinghurst Boy, 17th Jul, 2015.

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  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    I never thought of this ! The agent will have my deposit , now its going to be hard getting the money out of them if the vendor doesnt settle.

    Secondly the Conveyancer has asked for the TITLE to the house, should i give it to them now??
     
    Last edited: 18th Jul, 2015
    Darlinghurst Boy, 18th Jul, 2015
    #41
  2. Tillie

    Tillie Well-Known Member

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    The agent has a deposit on the trust account and eventually they has to release it to you, but now the most important thing is you to sack the current conveyanger and appoint the independent solicitor to act on your behalf.

    Yes, it cost money, but there is no free dinners in the World and if the settlement is not going ahead within 14 days you will get to keep deposit and have afford to pay for your solicitor. You can still sell your house with even wth more money than the last time. My recommendation is call to TerryW on this forum and let him to act on your behalf and let him to try to negotiate extension for unit purchase as well.
     
    Tillie, 18th Jul, 2015
    #42
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I think you will find they are holding it on trust for the purchaser The vendor has no right to it until completion.

    It is potentially difficult to get because the agent as trustee will be scared of breaching their trust duties. If the purchaser argues they may want a court order.

    And they could be entitled to the commission, depending on the wording of the agreement as they may be entitled if they find a buyer - even if there is no settlement.

    I am not a property lawyer so all this could be wrong of course.
     
    Terry_w, 18th Jul, 2015
    #43
    Perp likes this.
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Thanks but out of my area of interest!
     
    Terry_w, 18th Jul, 2015
    #44
  5. Tillie

    Tillie Well-Known Member

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    Sorry TerryW, I did not know that you are not specialist in the area. You are so knowledgable and helpful for everyone, that you definitely got me fooled to blindly believe in your skills on this area as well :D

    Or maybe you are just too busy at the moment o_O
     
    Tillie, 18th Jul, 2015
    #45
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I try to concentrate on pleasuable law - structuring, estate planning, asset protection etc. Litigation involves dealing in disputes and conveyancing takes too much time for the money and risk.
     
    Terry_w, 18th Jul, 2015
    #46
  7. Hwangers

    Hwangers Well-Known Member

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    Hi guys, all great answers here - quick question, what about if the seller was to pull out after exchange of contracts? would there be any available action to take as the buyer? Looking at ruling in the NSW, VIC, ACT markets...
     
    Hwangers, 30th Jul, 2015
    #47
  8. DaveM

    DaveM Well-Known Member

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    In NSW the purchaser is entitled to 5 days cooling off with forfeiture of 0.25% purchase price, unless a 66W cooling off waiver is provided
     
    DaveM, 30th Jul, 2015
    #48
  9. Perp

    Perp Well-Known Member

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    The question is about the seller withdrawing.

    I believe the only remedy available to a buyer is to sue for specific performance (i.e. for the seller to proceed); this involves legal action and is likely to cost many $10s of K.
     
    Perp, 31st Jul, 2015
    #49
  10. Hwangers

    Hwangers Well-Known Member

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    yes should have clarified sorry - question was about after cooling off period ends, e.g. if the seller suddenly decides they no longer wish to proceed with the sale and it has passed the cooling off period
     
    Hwangers, 31st Jul, 2015
    #50
  11. wylie

    wylie Moderator Staff Member

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    Cooling off is an "out" for the purchaser but not the vendor, even within the cooling off period. The seller cannot use the cooling off to change his mind but the buyer can, and pay the percentage of purchase price as a penalty for doing so.
     
    Last edited: 31st Jul, 2015
    wylie, 31st Jul, 2015
    #51
  12. Gockie

    Gockie Life is good ☺️ Premium Member

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    Hi Wylie.... please re-read that post, and you may spot an error. Ps. I love your contributions to the forum. :)
     
    Gockie, 31st Jul, 2015
    #52
  13. wylie

    wylie Moderator Staff Member

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    Thanks Gockie. Note to self... Read it twice before clicking "post" o_O.

    ... And thank you for the heads up and your other comment. Much appreciated :)
     
    wylie, 31st Jul, 2015
    #53
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  14. Azazel

    Azazel Well-Known Member

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    So what does happen if a seller changes their mind? I'm guessing you can't make them move out of the house very easily?
     
    Azazel, 31st Jul, 2015
    #54
  15. Perp

    Perp Well-Known Member

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    Per above, you have to sue for specific performance. It's expensive and not easy, but it's doable. Courts are generally reluctant to force parties to comply with contracts; they usually prefer to issue damages. But contracts for sales of land (and other unique items) are an exception, where specific performance is usually available.

    https://www.ag.gov.au/Consultations...ancontractlaw/Remediesforbreachofcontract.pdf
     
    Perp, 31st Jul, 2015
    #55
  16. Blacky

    Blacky Well-Known Member

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    Did Fully Lucky change his log in name?
     
    Blacky, 31st Jul, 2015
    #56
  17. 158

    158 Well-Known Member

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    No, this is Star of David. Equally entertaining.

    pinkboy
     
    158, 31st Jul, 2015
    #57
    Blacky likes this.
  18. Azazel

    Azazel Well-Known Member

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    Hmm, something odd going on.
     
    Azazel, 1st Aug, 2015
    #58
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