SELLING LAND BEFORE SETTLEMENT AS LOAN NOT APPROVING

Viewing 4 posts - 1 through 4 (of 4 total)

NEERAJ
Participant
@ndhawan
Join Date: 2015
Post Count: 1
March 24, 2015 - 10:46 pm
I have asked my solicitor and was told i cannot sell land before settlement.. I have paid some deposit on land but my loan is not getting approved. i want to sell the land but as per solicitor i will loose my deposit.. Are there any options for me
Kinnon Bell
Participant
@kinnon
Join Date: 2014
Post Count: 151
March 25, 2015 - 1:15 am
Did you have a finance clause in your contract?
Why is your loan not getting approved?
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
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Mortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
March 25, 2015 - 1:10 pm
How much was the deposit, which lender was your loan applied through, why isn’t the loan getting approved?
It’s always prudent to ensure you’ve looked at all lending options before breaking a purchase contract – it can save a LOT of pain.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide
Kate Ashmor
Participant
@kateashmor
Join Date: 2015
Post Count: 20
March 25, 2015 - 2:19 pm
You should be able to sell, with the consent of the vendor/developer. Your solicitor should contact them and obtain their consent. They may even be able to “buy it back”.
Kate Ashmor | Ashmor Legal Pty Ltd
http://www.ashmorlegal.com.au
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Property Lawyer and Opiner