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Contract

Discussion in 'Real Estate' started by leslie, 3rd Dec, 2009.

  1. leslie

    leslie Member

    Joined:
    3rd Dec, 2009
    Posts:
    5
    Location:
    perth
    Hi We signed contract to buy a property in WA with subject to Finance by one particular bank. The mortgage advisor advises me that we cannot get a loan for this amount but still has not given us the non approval letter. I asked for extension of time to settle finance condition, but the vendor refused it and placed the house back in market again. Now may I know what is the status of this contract and how can I get the deposit back? I have non approval letter from other bank but I was told that I have to wait for non approval letter from the bank I mentioned in contract to terminate the contract.Please advise what I can do to terminate this contract?
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Leslie

    I'm not familiar with WA contract law but I do know it's different to NSW and QLD. The best person to speak to is your conveyancer/solicitor on this one. Best of luck.
     
  3. Harry Home Loans

    Harry Home Loans Mortgage Coach

    Joined:
    4th Dec, 2009
    Posts:
    1
    Location:
    Perth, Western Australia
    Your contract to purchase a home was conditional to having finance approved by a set date, that date has since lapsed and finance was not approved this brings a contract to an end.

    Write to the real estate sales representative selling the property requesting for your deposit to be returned.

    I hope this helps.
     
  4. leslie

    leslie Member

    Joined:
    3rd Dec, 2009
    Posts:
    5
    Location:
    perth
    Hello friends
    Thank you for your advice. I will give a notice of termination to the agent today.