Hi everyone,
Just wondering if anyone has any insights on what action I can take?
I am assisting a relative who lives overseas. He purchased a brand new off the plan apartment in Southbank through Central Equity Limited a few years ago pre covid-19. At the time he had a full time job and savings.
He went into a sales office overseas for the Melbourne based company and discussed possible apartments.
He returned the next day and was presented with a contract for the first time. The contract is in English and he does not understand English very well.
The sales agent went through the contract and informed him where to sign etc in which he did.
The sales representative asked my relative how he was going to pay for the apartment and he said he was unsure. He would need to speak to his bank to see if they could assist.
The sales agent said ok this can be sorted out later. My relative signed the contract where he was advised to sign and paid a deposit.
My relative received updates from the builder regarding construction progress etc but was not required to pay any progress payments. The only payment required was the initial 10% deposit and a few minor payments.
Fast forward a few years and the building is now complete. The builder sent my relative an invoice for the balance of the contract as settlement is approaching.
We are now in post COVID-19, my relatives financial circumstances have changed dramatically. He lost his job, can no longer obtain finance and is burning through savings due to this.
He contacted the builder who simply informed him that he must honour the contract as it was 'unconditional'.
My relative informs me he was never informed by the initial sales agents of what 'unconditional' and 'subject to finance' means etc. Only that he informed sales agents prior to signing the contract that he would need to check with his bank to obtain finance.
Thanks in advance,
Just wondering if anyone has any insights on what action I can take?
I am assisting a relative who lives overseas. He purchased a brand new off the plan apartment in Southbank through Central Equity Limited a few years ago pre covid-19. At the time he had a full time job and savings.
He went into a sales office overseas for the Melbourne based company and discussed possible apartments.
He returned the next day and was presented with a contract for the first time. The contract is in English and he does not understand English very well.
The sales agent went through the contract and informed him where to sign etc in which he did.
The sales representative asked my relative how he was going to pay for the apartment and he said he was unsure. He would need to speak to his bank to see if they could assist.
The sales agent said ok this can be sorted out later. My relative signed the contract where he was advised to sign and paid a deposit.
My relative received updates from the builder regarding construction progress etc but was not required to pay any progress payments. The only payment required was the initial 10% deposit and a few minor payments.
Fast forward a few years and the building is now complete. The builder sent my relative an invoice for the balance of the contract as settlement is approaching.
We are now in post COVID-19, my relatives financial circumstances have changed dramatically. He lost his job, can no longer obtain finance and is burning through savings due to this.
He contacted the builder who simply informed him that he must honour the contract as it was 'unconditional'.
My relative informs me he was never informed by the initial sales agents of what 'unconditional' and 'subject to finance' means etc. Only that he informed sales agents prior to signing the contract that he would need to check with his bank to obtain finance.
Thanks in advance,
