Vendor fails to complete.
Jul 22nd 2013 | 9:33 am
#16
Lost in BE Cyberspace
Joined: Sep 2005
Posts: 10,959
From: Somewhere South... Not Telling YOU
Re: Vendor fails to complete.
You know the buyer and You don't think they have the finances to take a trip to the higher courts to enforce this contract?
If this isn't a wind up, could you please pm me their contact details as I wish to donate to their fighting fund.
If this isn't a wind up, could you please pm me their contact details as I wish to donate to their fighting fund.
Jul 22nd 2013 | 11:07 am
#17
Officially Bewildered
Joined: Nov 2006
Posts: 5,523
From: Blue Mountains, NSW
Re: Vendor fails to complete.
In late May I agreed to sell my Australian ( N.S.W. ) property with the settlement delayed until late September. At the time my intention was to return to U.K and retire there once the house had settled.
Contracts were exchanged and a 10% deposit paid by the ‘purchaser’, with the deal in place I went to U.K to start preparations for my new life. Now that I’ve been back here for a while, I feel I’ve made a big mistake in agreeing to sell my Australian property and I’m thinking of pulling out of the agreement.
From what I’ve been able to gain from the internet, the contract to sell, is written by the vendor to protect the vendor. So if the purchaser fails to act as agreed, the penalties are clear and substantial..... they lose their deposit.
But if the vendor decides to ‘pull the plug’ then the situation is much less clear. I gather that the ‘purchaser’ can apply for a writ for the vendor to complete as agreed, but if he/she fails to comply, it seems the only recourse the ‘purchaser’ has, is to go to the Supreme Court and ask that the original contract is enforced.
I’m more than happy to refund the deposit and any reasonable expenses incurred by the ‘purchaser’ and as I know the party involved, I really don’t think that they are in a position to finance a trip to the higher courts. Of course I’ll seek legal advice as soon as I return to Australia in August, but I was wondering if any forum members had ever been in a similar situation.
Contracts were exchanged and a 10% deposit paid by the ‘purchaser’, with the deal in place I went to U.K to start preparations for my new life. Now that I’ve been back here for a while, I feel I’ve made a big mistake in agreeing to sell my Australian property and I’m thinking of pulling out of the agreement.
From what I’ve been able to gain from the internet, the contract to sell, is written by the vendor to protect the vendor. So if the purchaser fails to act as agreed, the penalties are clear and substantial..... they lose their deposit.
But if the vendor decides to ‘pull the plug’ then the situation is much less clear. I gather that the ‘purchaser’ can apply for a writ for the vendor to complete as agreed, but if he/she fails to comply, it seems the only recourse the ‘purchaser’ has, is to go to the Supreme Court and ask that the original contract is enforced.
I’m more than happy to refund the deposit and any reasonable expenses incurred by the ‘purchaser’ and as I know the party involved, I really don’t think that they are in a position to finance a trip to the higher courts. Of course I’ll seek legal advice as soon as I return to Australia in August, but I was wondering if any forum members had ever been in a similar situation.
I don't know why you're saying you're only having doubts now when you were having them the weekend you signed the contract?
What did your solicitor say at the time?
Jul 22nd 2013 | 12:06 pm
#18
no stressin no fussin....
Joined: Aug 2007
Posts: 12,616
From: Fantasy Island....
Re: Vendor fails to complete.
Vendor Breaking Contract
I don't know why you're saying you're only having doubts now when you were having them the weekend you signed the contract?
What did your solicitor say at the time?
I don't know why you're saying you're only having doubts now when you were having them the weekend you signed the contract?
What did your solicitor say at the time?
Karma has a funny way of kicking you in the arse
Jul 22nd 2013 | 12:39 pm
#19
Lost in BE Cyberspace
Joined: Oct 2005
Posts: 16,623
From: Hill overlooking the SE Melbourne suburbs
Re: Vendor fails to complete.
Hino is only human and he is wondering what his options are.
It's not fair to dump somone months on, so I don't think it should happen even if Hino compensates.
IF the buyer said 'OK then!' 'well all good - but I don't they will.
The law is something else.
It's not fair to dump somone months on, so I don't think it should happen even if Hino compensates.
IF the buyer said 'OK then!' 'well all good - but I don't they will.
The law is something else.
Jul 22nd 2013 | 12:41 pm
#20
Officially Bewildered
Joined: Nov 2006
Posts: 5,523
From: Blue Mountains, NSW
Re: Vendor fails to complete.
He's been wondering what his options are since the weekend he signed the contract.
Jul 22nd 2013 | 2:06 pm
#21
(It's not my real name)
Joined: Sep 2002
Posts: 12,469
From: Ilukapool. WA
Re: Vendor fails to complete.
Man up Hino, sell the house as contractually obliged to and if you want to come back, buy another one...
Jul 22nd 2013 | 2:22 pm
#22
Lost in BE Cyberspace
Joined: Oct 2005
Posts: 16,623
From: Hill overlooking the SE Melbourne suburbs
Jul 22nd 2013 | 2:29 pm
#23
Proudly Deplorable
Joined: May 2003
Posts: 24,249
From: Alloha snack bar
Re: Vendor fails to complete.
http://youtube.com/watch?v=qak-fmYlBRc
Man up Hino, sell the house as contractually obliged to and if you want to come back, buy another one...
Man up Hino, sell the house as contractually obliged to and if you want to come back, buy another one...
The property conveyancing system in Australia is streets ahead of England, where their setup is an absolute joke. Generally we don't get gazumping here or people pulling out a few days before exchange
Jul 22nd 2013 | 2:38 pm
#24
no stressin no fussin....
Joined: Aug 2007
Posts: 12,616
From: Fantasy Island....
Re: Vendor fails to complete.
you're right mate gazumping is illegal in most states but not here in Qld. It happened to us and the arseholes who pulled out left us high and dry as we'd sold our place ......yep.... Hino should man up and stand by the contract agreed to.
Jul 22nd 2013 | 3:14 pm
#25
Proudly Deplorable
Joined: May 2003
Posts: 24,249
From: Alloha snack bar
Re: Vendor fails to complete.
Yep. The person buying the property also has plans and aspirations
Jul 22nd 2013 | 3:34 pm
#26
no stressin no fussin....
Joined: Aug 2007
Posts: 12,616
From: Fantasy Island....
Re: Vendor fails to complete.
Like you say a contract is in place just to suit both parties so they can make plans, which can turn out to be expensive if one party decides they've changed their mind, never mind the emotional crap that's involved
Jul 22nd 2013 | 5:30 pm
#27
BE Forum Addict
Joined: Apr 2012
Posts: 1,603
Re: Vendor fails to complete.
This is clearly a windup
Jul 22nd 2013 | 6:07 pm
#28
BE Enthusiast
Joined: Jul 2013
Posts: 372
From: Old Bar Beach, NSW near Taree
Re: Vendor fails to complete.
Poor old purchasers may have passed up several other properties that could have been perfect for them but stuck with yours. So if it falls through then they could be out on the street if they have already given notice on their rental, or whatever. Or they may have a contract on their house they are selling, so if yours falls through then there's possibly a whole chain of vendors / buyers going to fall in a heap if they all decided to do what you are looking to do.
I'm with the buyers.
I'm with the buyers.
Jul 22nd 2013 | 6:13 pm
#29
Lost in BE Cyberspace
Joined: Feb 2005
Posts: 15,526
Re: Vendor fails to complete.
All the Purchasers would have to do in this situation, is call this mob....
Kenyons do the real graft in this.... No cost at all to plantiff and circa 10pct plus costs to the plantiff guaranteed.
Then get on with another purchase whilst this takes 18months or so to go through... It's probably worth waiting for the Guaranteed 40 -65 K.... If the Vendor fights it all he does is increase his costs.
http://www.slatergordon.com.au/acqui...enyons-lawyers
I'd be dead chuffed if this happend to me... free money. The Plantiffs would also know on day 1 if they are going to get their money or not via a instant credit check.
Used them in 2 uninsured car accidents, plenty of people swear by Kenyons around here.
If I were the Purchasers, I'd view this as a minor Tatts win.
My response would be "Make my day"
Kenyons do the real graft in this.... No cost at all to plantiff and circa 10pct plus costs to the plantiff guaranteed.
Then get on with another purchase whilst this takes 18months or so to go through... It's probably worth waiting for the Guaranteed 40 -65 K.... If the Vendor fights it all he does is increase his costs.
http://www.slatergordon.com.au/acqui...enyons-lawyers
I'd be dead chuffed if this happend to me... free money. The Plantiffs would also know on day 1 if they are going to get their money or not via a instant credit check.
Used them in 2 uninsured car accidents, plenty of people swear by Kenyons around here.
If I were the Purchasers, I'd view this as a minor Tatts win.
My response would be "Make my day"
Last edited by ozzieeagle; Jul 22nd 2013 at 6:19 pm.
Jul 22nd 2013 | 6:35 pm
#30
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Vendor fails to complete.
All the Purchasers would have to do in this situation, is call this mob....
Kenyons do the real graft in this.... No cost at all to plantiff and circa 10pct plus costs to the plantiff guaranteed.
Then get on with another purchase whilst this takes 18months or so to go through... It's probably worth waiting for the Guaranteed 40 -65 K.... If the Vendor fights it all he does is increase his costs.
http://www.slatergordon.com.au/acqui...enyons-lawyers
I'd be dead chuffed if this happend to me... free money. The Plantiffs would also know on day 1 if they are going to get their money or not via a instant credit check.
Used them in 2 uninsured car accidents, plenty of people swear by Kenyons around here.
If I were the Purchasers, I'd view this as a minor Tatts win.
My response would be "Make my day"
Kenyons do the real graft in this.... No cost at all to plantiff and circa 10pct plus costs to the plantiff guaranteed.
Then get on with another purchase whilst this takes 18months or so to go through... It's probably worth waiting for the Guaranteed 40 -65 K.... If the Vendor fights it all he does is increase his costs.
http://www.slatergordon.com.au/acqui...enyons-lawyers
I'd be dead chuffed if this happend to me... free money. The Plantiffs would also know on day 1 if they are going to get their money or not via a instant credit check.
Used them in 2 uninsured car accidents, plenty of people swear by Kenyons around here.
If I were the Purchasers, I'd view this as a minor Tatts win.
My response would be "Make my day"
