Not selling

Viewing 8 posts - 1 through 8 (of 8 total)

salacious
Member
@salacious
Join Date: 2003
Post Count: 373
April 28, 2007 - 4:13 am
Hello,
Would someone know what my legal rights would be if i did not want to sell after a contract has been signed. About half way through before settlement. (QLD)

Dom
Mystery
Participant
@mystery
Join Date: 2006
Post Count: 87
April 28, 2007 - 5:26 am
I hope it's not one of the two that I'm buying in QLD at the moment Dom
Martin
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 28, 2007 - 10:18 am
A contract is binding once exchanged. No backing out now unless the other party lets you.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 28, 2007 - 10:37 am
Just prey like mad that he does not settle on the settlement day and requests and extension. Terminate the Contract and sue for Specific Performance.
Alternatively if the finance and building inspection dates have not gone do not offer an extension on either of these.
Richard Taylor | Australia's leading private lender
POB
Member
@pob
Join Date: 2007
Post Count: 10
April 28, 2007 - 2:19 pm
Ive had someone pull out on a signed contract in WA. I found it all too hard and it was going to be expensive.
I gave it to them. I think it could be more trouble than its worth. There are a lot of other houses out there.
Thats just me.
salacious
Member
@salacious
Join Date: 2003
Post Count: 373
April 28, 2007 - 9:15 pm
Hi,
And thanks for the info, the property is in mount isa i bought it in 03 for $135,000 and its under contract for $385,000. I am not complaining. The rent has gone from $240 a week to currently $560 a week. My concern is that have i sold it to cheaply???
My plan was to pay some debt of ( not unmanegable) and invest in a large established part managed buisness, since it looks like retiremnt age is going to be 70+. So i have 30 years left! By my choice i am not working and dont need to but i find it to boring to sit around at home and play the sharemarket.
So basically my selling intentions is to buy myself a job that i run.
Dom
mathewc73
Participant
@mathewc73
Join Date: 2005
Post Count: 241
April 30, 2007 - 2:20 am
Dom,
Unless someone was deceptive in the deal, honour your contract. Dont screw others around because you made the mistake.
Im sure you dont tell others when they are underselling to you to think twice.
Regards,
salacious
Member
@salacious
Join Date: 2003
Post Count: 373
April 30, 2007 - 9:03 am
Hello Mathew,
I intend to fully honor the contract i was simply asking what my legal rights were if it could be done. The right answer was given by QLD;s007 (richard)
Dom