All Topics / Help Needed! / HELP – Contract Stalling – What can i do?

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  • Profile photo of Jodee73Jodee73
    Participant
    @jodee73
    Join Date: 2009
    Post Count: 9

    Last August I purchased a property and settlement was due to go through in october 2011.  My conveyancing company sent me a copy of the original land subdivision from years ago to approve the location of the block.  The guy i bought the property from originally owned lot 31 and lot 32 (he built a house on lot 31 and renovated lot 32, which is the one i bought).  As it happens somewhere someone has got the lot numbers mixed up so my contract sais lot 31 instead of lot 32.  Basically settlement was stalled because the new owners of the house next door had to get their paperwork sorted out.  There just seems to be delay after delay.  We had to sign a new contract agreeing to yet another 60 days but was told it should only be a couple of weeks away.  I called my conveyancer/solicitor  (who now just ignores me when i email) earlier this week and found out that the owner has not even signed the new contract and he has had if for weeks.  I don't know where to go next.  The house is in a mining town and the value has risen by tens of thousands since i signed the original contract.  the latest is that the owner is waiting for an exception or something from the tax office so he does not have to pay another round of stamp duty.  I am constantly being told that i can cancel the contract at any time but i don't want to, i want the house and the cashflow that comes with it.   I am getting the feeling that he wants out of the contract because the house has risen so much in value,  where do i stand and what can i do.

    Any advise would be much appreciated :-) 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Sounds like you need some legal advice! Or you could lose out.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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