update regarding can it get any worse
Nov 22nd 2007, 8:45 am
#16
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Location: Morayfield - The Posh Part
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Re: update regarding can it get any worse
I have been bitten, and still im a bloody wuss on deposits !!
But i agree withya
Nov 22nd 2007, 8:49 am
#17
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: update regarding can it get any worse
I may be (am) old fashioned, but I have never ever sold a house without having a deposit at exchange. Sometimes the amount has been negotiated down, but it's always been in my solicitor's bank as part of the deal.
Nov 22nd 2007, 8:52 am
#18
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Location: Morayfield - The Posh Part
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Re: update regarding can it get any worse
Most ppl would say dont bother with higher deposit at unconditional, cos unconditional, means house is sold...( good as ) contracturally..
Nov 22nd 2007, 8:53 am
#19
jon&a mp;kate
Thread Starter
Joined: Mar 2006
Location: geelong
Posts: 337
Re: update regarding can it get any worse
Third time lucky 
.It is the funds clearing holding things up and it is exchange with deposit to follow.I spoke to my solicitor and i trust her judgement as she is trained in the job and it is legally binding.
.It is the funds clearing holding things up and it is exchange with deposit to follow.I spoke to my solicitor and i trust her judgement as she is trained in the job and it is legally binding.
Nov 22nd 2007, 8:59 am
#20
Lost in BE Cyberspace
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Posts: 9,397
Re: update regarding can it get any worse
Then, especially when they fly out of the country the next day, they *may* be left holding the can without even the comfort of ten percent of the sale price. Sorry, but house sale and purchase is the biggest amount of cash most of us play with, and it just cannot be treated so casually especially when you are about to go to the other side of the planet. As I said, chances are that all would be OK but if it turns to a bag of worms your theoretical rights in law are probably just that - theoretical.
Nov 22nd 2007, 9:31 am
#21
jon&a mp;kate
Thread Starter
Joined: Mar 2006
Location: geelong
Posts: 337
Re: update regarding can it get any worse
The funds for our buyrs buyer will be cleared on monday so should the worst happen i will not leave the country without the money.
Nov 22nd 2007, 11:20 am
#22
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Location: Morayfield - The Posh Part
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Re: update regarding can it get any worse
Where are you guys moving to in Oz?
Nov 22nd 2007, 12:00 pm
#23
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Joined: Sep 2007
Location: Happily in Adelaide
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Re: update regarding can it get any worse
Hi Nu-shooz
please can i just ask as we are in the same situation i think,we have to leave on the 5th Jan and we have a buyer but they cant sell theirs,they cant get no one in the door at the min,they do have a lovely house and we were all certain it would sell first time but not ONE PERSON has even looked,they do not know we are emigrating as i dont want any dirty tactics at the last min,
We are selling for 285,000, they said they can raise 250,00 cash from some policy but idealy they want to sell first,
after reading these and yours post is that true or possible that you can exchange with no money - how does that work though - do they get the house and then the money later or can they put a deposit down to secure and tie them in as my OH will have to come back if not,
please can i just ask as we are in the same situation i think,we have to leave on the 5th Jan and we have a buyer but they cant sell theirs,they cant get no one in the door at the min,they do have a lovely house and we were all certain it would sell first time but not ONE PERSON has even looked,they do not know we are emigrating as i dont want any dirty tactics at the last min,
We are selling for 285,000, they said they can raise 250,00 cash from some policy but idealy they want to sell first,
after reading these and yours post is that true or possible that you can exchange with no money - how does that work though - do they get the house and then the money later or can they put a deposit down to secure and tie them in as my OH will have to come back if not,
I think you could tie your buyers in with a different sort of contract. They sign to say that they will purchase as soon as they sell their house and pay you a deposit. If they pull out, you keep the deposit. The contract is open ended. You would have to speak to your solicitor as I am
not sure if it is possible and what your solicitor's opinion would be. But it might be worth looking into.
