Hi i hope someone has experienced this or can shed some light.
We went into a sale contract and made it subject to finance as we have a LOC for a prescribed amount which we wanted to just move across to our new property. This would be a substitution of security on the settlement of our home sale with new home purchase. Our lender has provided the approval – not your standard one, just says that they agree to substitute the security and states the property addresses, nothing about amounts or subject to the satisfactory sale of our current home etc. We would need to put $150k into the new deal in order to just use our existing limit without needing a full new application for greater amount.
My BIG problem is we made some incorrect calculations and we are short of about $10k on the deposit. Which means we dont have enough for the new purchase.
The question is, are we going to be made to get any finance to complete the deal or will we lose our deposit paid to agent on contract should this make it fall over?
Hope that all makes a bit of sense.
Oh and we have actually provided the approval letter to real estate and settlement agents.
The issue you will have is whether you have waived any rights you might have under the subject to finance clause. You need legal advice which looks at the exact wording of the clause and what you have done. General advice from people on a forum is useless to you.
If you are bound get a credit card
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