quick advice needed.
I had a contract of sale on a property signed on the 28th September, buyer had a finance clause which stated: "subject to the purchaser obtaining finance from xxxx for a loan of xxxx within 21 days of the date of exchange".
Buyer has today advised they can't get finance and now wants to pull out. Given that we exchanged on the 28th Sep and today is the 19th Oct. Is this interpreted as being day 22 or is this day 21 after the date of the exchange, rather than being "within 21 days OF the date exchange".
Obviously I will following up with my Solicitor on Monday for advice. However if their are any legal guru's out their that can give me a comment in the meantime I would be Very Grateful.
cheers
Forgot to mention the contract is in NSW if that nmakes any difference to interpretation.
I don't really know, but I think it would be within his time limit. day 1 would be 29th of sept, and counting a long that would make 19th the 21st day. He left it close didn't he!
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
I think Fri 19/10 will be the 21st day. If his solicitor did not request for an extension for finance clause and assuming all other conditions of purchase are met, your contract should be considered unconditional from Sat 20/10.
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