Purchaser walks

Viewing 5 posts - 1 through 5 (of 5 total)

brian mac
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@brian-mac
Join Date: 2011
Post Count: 1
July 25, 2011 - 7:24 pm
I was advised by my conveyancer who is acting for me (the vendor) that my house had unconditonaly exchanged on Wednesday 20-7-11. This was via phone call while i was in another state my Solictor for my purchase was present when i recieved the call from my conveyancer. I then signed for my purchase, On the 25-7-11 my conveyancer acting for me on selling my property rings to tell me the purchaser had not put the 10 percent of agreed sale price in the trust fund for the real estate and he doesnt want the house. Question is way didnt my conveyancer make sure the purchaser had the 10 percent, why did they wait five days before they acted, has my conveyancer breached any real estate law.
brian mac
sapphire101
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@sapphire101
Join Date: 2006
Post Count: 203
July 25, 2011 - 8:55 pm
Conveyancer may not have, but buyer may have breached your contract of sale. Speak to your lawyer and check the details of your contract.
Ian
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Josh Atherton
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@josh-atherton
Join Date: 2011
Post Count: 269
July 25, 2011 - 11:03 pm
what state was your sale in?
colinnewland
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@colinnewland
Join Date: 2006
Post Count: 128
July 26, 2011 - 10:14 am
You do not need a 10% deposit. All that is required is 'consideration'. This could be as low as $1 to form a binding contract. Consideration could also be the signed contract for purchase.
I am assuming that there is no 'cooling off period' involved…Get your lawyer write a registered letter requiring the buyer to complete the deal as per the contract with a nominated date and time for completion.
As for the agent, I would be checking into their insurance policy re any damages that you may suffer due to their possible neglect.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 26, 2011 - 12:11 pm
Since you have exchanged contracts, then I beleive the control is probably binding on them, the purchaser. You could terminate the contract at any time until the deposit is paid, but they are locked in (NSW contracts anyway). But, they may still be able to exercise their cooling off period rights (unless they have waived this).
Really you cannot assume the sale is 100% until the cooling off perio expires. And actually you should not count on the sale until settlement as this frequently doesn't occur for many a reason (even though it may contractually supposed to).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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