i sold my house months ago agent received 10% deposit settlement was supposed to be yesterday , the purchaser had received a scammed email from the conveyancers email account and paid money into it. Now its going to take a while to sort it out. im now paying rent and have an empty house, my question is do i cancel the sale or wait until the settlement sorts itself out

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i sold my home the person gave a deposit ,we both signed the contract 2 days later the buyer wants a building report done ,My question is the contract only says subject to finance ,if the building report dosnt come back good can the buyer withdraw from buying the home even if the contract never said about any building report

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Hi Richard, I am not a lawyer or a real estate agent, but I can answer your question from decades of experience. Subject to Finance is a universal get out clause. The buy can say the bank requires a building report before they will grant finance. If the building inspection comes back with major issues, they buyer can say "the bank wont let me lend that much" and try and negotiate a lower price. Your best bet is to let the buyer do whatever inspections they want - building reports, termites, etc. If you deny them, then the contract could well fail on the finance clause. Hope this helps.

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I am going through something similar now. Apparently, it can be a bit of a fight to call on the deposit, but I'm paying rent and need the money! The purchaser hasn't yet sold and I've already given her 16 weeks to settle. She was meant to settle 2 weeks ago and didn't so my solicitor issued the Notice to Complete. Now it doesn't look like she will settle on Friday, but I don't know whether it's going to be difficult to actually get the deposit into my account. I don't have the income to cover my rent, as I was relying on the settlement proceeds. Should I terminate the contract and call on the deposit, or give her more time?

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Our land sale was under contract with a buyer and then during the cooling off period they terminated. We entered into a second contract with them as they were needing to get foreign investor approval and were keen to purchase the land. This buyer was in contact with me often and stated everything going well. We waiting 2 months and then all of a sudden finance could not be approved as it was above what a foreign investor could borrow. After the first contract we did not receive the entitiled 0.25% in cooling off period and now they wont pay that as a second contract entered into and requesting their deposit back. Surely we are entitled to something here.

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