Just had a sale fall through on “finance” AFTER the finance date.
The buyer failed to notify us by the finance date and we thought we were unconditional as they agreed to building & pest.
buyer signed contract in name of a trust. finance declined to buyer in personal name. Buyer asked for extension after finance date passed, we agreed. Buyer didnt even bother trying to get other finance.
Deposit was $1,000.
My solicitor is claiming for $2k being legal fees, lost rent etc.
anyone else struck this?
A buyer can terminate using any of the conditions in the purchase contract.
They may have advised you that the Building & Pest report where acceptable as if they had terminated using this clause you have a right to request a copy.
With regards to the finance clause the terms need to be acceptable to the Buyer and therefore very little you can do. You granted the extension to the finance clause and whilst it appears that the Buyer made very little attempt to obtain finance in the name of the Trust I think you have little recourse.
Richard Taylor | Australia's leading private lender
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