Ok I'm sorry I will try and keep this as short as possible.
I was selling my property (QLD) and signed a contract on 16/3/2012 it was a long contract 90 days with lots of conditions attached (due dilligence, finance etc) it wasn't to become unconditional until 60 days and then another 30 days for settlement.
I signed the contract with the contract stating the buyer was to pay a $25000 deposit the agent told me when I signed the contract that the buyer had paid the deposit.
I found out last Friday 30/3/2012 that he hadn't actually paid the deposit at all and that he would be paying it sometime this week. I had been having second thoughts about selling as the price was really low and so I instructed my Solicitor to advise the buyer that I was terminating the contract as he was in breach of the terms because he has never paid the deposit.
I thought that would be the end of it. Today my Solicitor received a response from the buyers Solicitor saying that on execution on the contract he made a request to my agent that he would pay the deposit once his property had settled and that my agent had checked with me and we both verbally agreed to that (first I have heard of it, I didn't even know he was waiting any settlement). What he is claiming just doesn't make any sense he is saying I agreed to that when I signed the contract then why wouldn't we have amended the contract to reflect that. I was hesitant about accepting such a long settlement but the agent told me that he had paid the deposit and that was a good sign and that all would be well and that I should not worry about the long settlement and conditions.
Now the buyer is claiming that the termination of the contract is unlawful and that he will be putting a caveat on it to protect his rights to the estate and that he will be making an application to enforce his entitlements over the property unless I still agree to sell it to him. And he also conveniently paid the $25 000 deposit today to the agent a day after I terminated the contract.
There is no way in hell I will ever sell to this guy now he is trying to bully and threaten me into doing so. From everything I understand the contract was never valid because he didn't pay the deposit when he signed the contract as is required by law.
Can he really put a caveat on my property so I can't sell it to anyone else?
Does anyone have any advice, I am absolutely worried sick about all this and his threats to put a caveat on my property.
**Extra Info**
The contract says word for word.... Deposit $25 000 Initial deposit payable when Buyer signs this contract. Balance deposit NIL (if any) payable: when unconditional
I was selling my property (QLD) and signed a contract on 16/3/2012 it was a long contract 90 days with lots of conditions attached (due dilligence, finance etc) it wasn't to become unconditional until 60 days and then another 30 days for settlement.
I signed the contract with the contract stating the buyer was to pay a $25000 deposit the agent told me when I signed the contract that the buyer had paid the deposit.
I found out last Friday 30/3/2012 that he hadn't actually paid the deposit at all and that he would be paying it sometime this week. I had been having second thoughts about selling as the price was really low and so I instructed my Solicitor to advise the buyer that I was terminating the contract as he was in breach of the terms because he has never paid the deposit.
I thought that would be the end of it. Today my Solicitor received a response from the buyers Solicitor saying that on execution on the contract he made a request to my agent that he would pay the deposit once his property had settled and that my agent had checked with me and we both verbally agreed to that (first I have heard of it, I didn't even know he was waiting any settlement). What he is claiming just doesn't make any sense he is saying I agreed to that when I signed the contract then why wouldn't we have amended the contract to reflect that. I was hesitant about accepting such a long settlement but the agent told me that he had paid the deposit and that was a good sign and that all would be well and that I should not worry about the long settlement and conditions.
Now the buyer is claiming that the termination of the contract is unlawful and that he will be putting a caveat on it to protect his rights to the estate and that he will be making an application to enforce his entitlements over the property unless I still agree to sell it to him. And he also conveniently paid the $25 000 deposit today to the agent a day after I terminated the contract.
There is no way in hell I will ever sell to this guy now he is trying to bully and threaten me into doing so. From everything I understand the contract was never valid because he didn't pay the deposit when he signed the contract as is required by law.
Can he really put a caveat on my property so I can't sell it to anyone else?
Does anyone have any advice, I am absolutely worried sick about all this and his threats to put a caveat on my property.
**Extra Info**
The contract says word for word.... Deposit $25 000 Initial deposit payable when Buyer signs this contract. Balance deposit NIL (if any) payable: when unconditional
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