What a beauty!!! Just been informed that the puchaser is pulling out of the sale after 2 months and wants his deposit back and yet the sale was unconditional with settlement in 3 weeks. It gets better! Oue solicitor had a conversation with the other solicitor and didnt inform us as we found out thru the agent yesterday. The conversation was 2 weeks ago and now our person is on holidays for 2 weeks!!!! Lets see if i have this right. The puchaser loses his deposit and my solicitor has been negligent!! Has this happened to anyone else? Any advice as what my next move might be?
Regards Chefman
Sue the purchaser for the full 10% -and maybe more.
Terryw
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Not sure of your full relationship with your legal rep but my understanding is the following.
1. Unless there are any exit/out clauses in the contract, he will
a. Loose his deposit, and/or
b. Be required to complete the sale. You will need to get your legal rep to send a Notice to Complete (the sale) to the buyer (by registered mail of course).
2. You ‘may’ wish to remind your legal rep (in writing) that you consider his lack of communication (if he was so informed of the withdrawal of the buyer-check this out first before you try and nail his hide to the wall) to be ‘professional misconduct’. That term WILL get his attention and ACTION. ‘IF’ you suffer a loss due to his ‘misconduct’ you may wish to lodge a complaint/claim to the Legal Profession Board in your state. Either he and/or their insurance ‘should’ cover any loss that you incure. Remember that you MUST do everything in your power to reduce your loss.
If you choose to sue, you can kiss goodbye the next 2 years of your life to get the remainder of the deposit.
Speaking of which (the deposit that is), that should have already been lodged with/secured by the Real Estate agent or legal rep. Make sure that they HOLD it and do not release it to the ‘buyer’ by registered mail thru your legal rep.
Remember, your aim is to complete the sale in 3 weeks. EVERYTHING else is secondary and can be sorted out at a later date.
Best of luck.Thanks for the replys!! I am making sure the deposit doesnt get paid and i am sure i will get the attention of my legal person. i am confident that i hold the trump cards in all of this. Will let you know the outcome.
Regards Chefman[thumbsupanim]
Very interesting- I purchased a commercial property with no out clauses. I had all finance approved, however the vendor wanted the sale to fall over because he had been offered an extra $50k. I ran very close to not meeting the deadline due to the bank dragging the chain.
I asked for an extra day or two for the bank to transfer the funds-the vendor stated he would not allow me an extra hour!
I assumed I would be simply charged interest on the last $150,000 outstanding of a $500,000 deal until settlement.
I did want to get out of the contract.
I was told by my solicitor that I would be in preach of the contract, and could be sued.I just thought I would confirm Colin’s statement about kissing the next two year off if you sue.
I sued National Builders Group through VCAT over a building contract dispute.
http://www.austlii.edu.au/au/cases/vic/VCAT/2006/1309.html
They are now attempting to appeal this decision. So I’m expecting it will take an extra year or two?
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