HI all,
i recently bought a property, vendor accepted the offer and contract of sale was exchanged through agent with my conveyancer. vendor requested for extension of settlement date and we accepted for 1 week extension. now vendor is trying to pull of out of contract and has appraoched lawyer to terminate the contract.
can a vendor do this? what are my rights as a purchaser. any advice is helpful
You have to look at the terms of your contract.
Generally they cannot pull out. But if you have breached some terms then they may have a way out.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
We got within days of settlement on a property and the vendor sold the property to a friend. We had to pay conveyancing costs because they had already done all the work for us, we had to return a cheque to the bank etc. real estate agent and conveyancer both told us that there was no point in trying to hold the vendor to their initial contract. In retrospect we should have used a solicitor and not a conveyancer as i am sure a solicitor would have had better advice for us. The vendor had sold to us at $40K under value and they managed to get a family friend to purchase at about $25K more than we had been offering.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
