HI, i have entered into a property contract subject to finance.
Finance approval was to be obtained by the 5th of march, on the 4th of march it became apparent that finance would not be approved by this time. I emailed the agent terminating the contract due to not having finance approval. The agent has now stated that unless i have a letter of rejection from the bank then the contract stands.
this is what is written in the contract in regards to this
SC 1.2 The Purchaser will use best endeavours to obtain the loan.
SC 1.3 In the event that the approval is not obtained on or before the latest date for approval and provided the Purchaser has not waived this special condition and communicated such waiver to the Vendor in writing then either party (but, in the case of the Purchaser, provided it has complied with SC1.2) may immediately terminate this Contract by giving notice in writing to the other party.
Finance approval was to be obtained by the 5th of march, on the 4th of march it became apparent that finance would not be approved by this time. I emailed the agent terminating the contract due to not having finance approval. The agent has now stated that unless i have a letter of rejection from the bank then the contract stands.
this is what is written in the contract in regards to this
SC 1.2 The Purchaser will use best endeavours to obtain the loan.
SC 1.3 In the event that the approval is not obtained on or before the latest date for approval and provided the Purchaser has not waived this special condition and communicated such waiver to the Vendor in writing then either party (but, in the case of the Purchaser, provided it has complied with SC1.2) may immediately terminate this Contract by giving notice in writing to the other party.