24k to drop the contract! Sounds like they are trying to weasel out of it.
Reassess. Do you wish to sell the house, or keep/rent.
DOnt believe the 24k, until they sign a legally binding document prepared by your lawyer. These people are pricks, they have seen something better and changed their minds.
But look on the bright side. If they were pennyless first home buyers, legal action would be fruitless.
I would see if your solicitor could place caveats on all of their properties, as they technically owe you hundreds of thousands of dollars.
Personally, if they had assets, and I wanted to sell, I would go after them. If they had none, or another buyer goes unconditional (not sure of legalities here!), then let them get away. Either way, make sure that you make it very clear to them that you will be doing your utmost to damage their credit rating ASAP
Sorry wrappack – I disagree with you on the caveat suggestion.
DO NOT slap caveats on their properties unless you get court judgment entered in your favour (in which case it’ll be a writ of fi fa or something similar that your solicitor can arrange to be slapped on the properties).
You don’t have any direct interest in those properties, and are therefore not entitled to put any caveats on at this time.
If you do so, I can guarantee that they’ll be entitled to sue you for any loss or damage caused to them due to the caveats. Don’t think it sounds fair? That’s how it works, otherwise everyone will be threatening to slap caveats around left right and centre to recover debts.
If your solicitor says that you can slap on a caveat up front, try to get an unqualified written opinion confirming this, so that you’ve got someone to help you pay the damages bill when you get sued. I wouldn’t hold my breath, though – you’re not going to get it.
I agree with markpatrick – it’s not blackmail at all, simply a debt recovery exercise. What’s wrong with telling them to honour their contractual obligations, or else you’ll sue them?
Cheers
Elysium-MDIY Residential Property Settlements in WA – the book coming soon! When I can get my act together…
Well at least you will immediately get the $ 4,000 released by your solicitor.
It certainly isn’t a good position to be in as far as a vendor is concerned.
What happens if one needs the money to settle elsewhere ?
Pisces
Sorry but I think the solicator is at fault, he/she should be advising you thats why we use them over conveyencors because they are meant to be the best, they don’t mind charging you for every 15 minutes make them do their job and record the conversation … sorry … Phil
AusProp, I think you could be right, I believe you need a credit providers licence in WA to be able to do wraps etc and that’s a form of vendor finance. The Department of Consumer and Employment Protection Agency (or whatever they are called nowadays, used to be called The Ministry of Fair Trading) would be able to clarify.
Up date on non settlement
Thanks for everyone input its been great.
We ended up selling the house for $10,000 more also bought most of our furniture for another $16,0000,they are really nice people.
We are still taking the other people to court, not for the money but so they don’t do it again and tell other people they got away with it then our whole system over here is stuffed.
I will keep you posted on the outcomeCheers Caitlyn
Hi Caitlyn, I’m sorry about your stressful time u have just incurred, however everything happens for a reason and it seems in this case u come out in front. Well done!
Regards Bear
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