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Discussion in 'The Buying & Selling Process' started by Bee1980, 25th Sep, 2016.

  1. Bee1980

    Bee1980 New Member

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    hi everyone

    Hoping I can get some advice. We have listed our home for sale. Our agent presented us with an offer $2500 below what we had hoped for but accepted the offer as it wasn't that far off. We signed on the Wednesday, the following Tuesday the buyer did a building and pest inspection and we asked the agent if the deposit had been paid as it was due within 3 days. He told us it had been however on Thursday our solicitor emailed me telling me the buyer was in breach of contract as they hadn't paid a deposit. Now nothing came back on the report, house is only 4 years old. We have bent over backwards for her with 3 viewings of the property and she and her sons (also real estate agents themselves) came to the building and pest inspections. Anywho, she the tried to offer a lower amount and we terminated the contract as she had shown no good faith by even paying a deposit. And our agent claims that he 'thought'she had already paid the deposit, I'm a bit did on that.

    2 hours later our agent was at our door with a new contract for more money. We signed this contract but my question is should we demand a deposit from the buyer before building and pest inspection? We are already out of pocket for the last lot of legal fees because our agent never got the deposit before we had to pay our solicitor so we weren't able to recover any money.

    What would you do?
    Thank you kindly for any advice.
     
  2. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    All depends on what the contract says. How long do they have for the deposit and how long to get b&p?
     
  3. Bee1980

    Bee1980 New Member

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    They have 7 days from contract to make a deposit which is this Wednesday and B&P till the 10th October.
     
  4. Xenia

    Xenia Adelaide Property Manager Business Member

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    You need to follow the law irrespective of the agents performance.
    Deposit is paid after cooling off period ends.
     
  5. Bran

    Bran Well-Known Member

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    Is this the case in QLD? I think not. Having sold a house this week, I'm pretty sure the contract has as standard something similar to: deposit is due within one business day of signed contract.
     
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  6. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Doesn't the deposit get forfeited if the buyer decides to "cool off" and not proceed? In WA we dont have cooling off periods.
     
  7. mikey7

    mikey7 Well-Known Member

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    I just bought 2 IPs in QLD within the last month. I paid the deposit after the cooling off period (5 days). Only $1k. Then another $15k on unconditional.
    As far as keeping the deposit after certain period, it depends on the contract.
    My solicitor put in the contracts that if i pulled out due to B&P or finance that ALL moneys are refunded to me. Was signed by sellers.. we had no issues though and they both settled.
     
  8. Bran

    Bran Well-Known Member

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    Interesting. I wouldn't have accepted your offer. What's to stop you walking away? The cooling off penalty is deducted from the deposit. Makes it moot as a seller.
     
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  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    This is pretty standard in Qld - put down token after signing, and more on unconditional. You can't just walk away, it's not a cooling off as such in Qld, you can't just change your mind. There has to be a B&P or finance issue.
     
  10. Big Will

    Big Will Well-Known Member

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    Depends on what the conditions are...

    B&P to my satisfactions.

    Finance a MB can make your loan unapproved quite simply.

    Solicitor clause - Just have your solicitor terminate no reason given.

    Plenty of ways to get out without paying cooling off... Having said that I haven't ever tried to get out of a contract with the conditions to avoid cooling off (only terminated a contract when there was 50k worth of repairs, underpinning).
     
  11. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I meant as standard - of course you can add whatever clauses you wish :)