richgina

Hi

Wondering if anyone has ever gone legal when their buyer pulls out?
They went unconditional last week on their sale and gave us a date for settlement now they are seeking legal advice to get out of the contract.

I thought the contracts over here meant they couldn't just walk away.
We have been waiting 2 months for them to sell now they change their minds we want to claim the money we have lost waiting to settle and the lost money from having to reduce the house to sell now.

Cheers for any advice
Gina

Dreamy

Usually the contract will outline what they are legally obligated for. Presumably you also have a solicitor/conveyancer? They will be able to advise you

Scotty1

If it has gone unconditional and they don't complete the sale you get to keep the deposit - as long as there isn't anything odd in the contract itself

jad n rich

Would totally depend what the clauses said.

Usually if it was ' conditional to them selling ' if they do sell but that doesn't complete then yours doesn't either.

Really nobody can give you a straight answer without knowing what clauses were in it and that would be a job for your solicitor.

mulben

Under a standard contract this is the case , they can walk away but you get their deposit.
My brother had this happen to him, but after much legal consultation the buyer decided that loosing the deposit (40k ) was too much and went ahead with the purchase.

Kiwipaul

Assuming their are no clauses that haven't been met I would think you could not only keep the deposit but go after then for the full price of the property and force them to complete.

This is based on some properties (mainly GC apartments)that were bought off the plan prior to GFC which then dropped in price and buyers walked away. Developer and then liquidator (so many pulled out developer went bust) has gone after the buyers to force them to complete.

Buyers who went unconditional on property in Brisbane prior to flood but property flooded before completion and they tried to get out of contract. Not heard about what happened here but big news at the time.

As above your solicitor should be able to advise.