Hi, I am in the process of selling a house in Noosa Queensland and entered into a contract 3 weeks ago. Originally, the subject to finance date was 2 weeks after contract date but the buyer needed 1 weeks extension which I approved. The new finance date was Tuesday which passed without any contact from the buyers solicitor. 4pm the next day, the buyers solicitor said that financing has not been approved and that they no longer could buy the house. My estate agents say that because we passed the financing date without news that they couldn’t get the financing in place then I should be able to keep the deposit as the contract as gone unconditional.. Does anyone know if this is true. My solicitor says that I don’t get any of the deposit. Thanks, Lilly Storm.
Hi Lilly
Welcome to the forums.
I would think that as the contract is now unconditional, if the buyers pull out you keep the deposit.
Remember though, that the agent is entitled to their commission (I’m fairly sure).
If your solicitor says different, ask for an explanation as to why. It all depends on what is written in the contract.
Cheers
MelI agree, if the finance date has passsed and they haven’t backed out it should be unconditional. Talk to your solicitor first thing.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If the buyer can provide a letter from the financier that they did not obtain finance and is dated on or before the new extension date then there is nothing you can do. If they cannot provide documentation then you need to call your solicitor and keep on it as you should be intilted to the deposit paid. Bare in mind that if it is unconditional then the agent has peformed his contracted duties and is due his commision.
Aluminati
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