VIC Lost Deposit on Foreign Investment Crackdown - What to Do?

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Tony Marsh

Active Member
2 August 2017
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Finance was approved by a bank, thats why we signed the contract, but in the interim, whilst the property was being contracted, the banks pulled out of lending to foreign investors.
 

Tripe

Well-Known Member
22 May 2017
229
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619
you didn't answer my question, did your contract have a condition of sale, that sale would go unconditional after your bank approved finance?

getting a verbal finance confirmantion is completely different to a bank formally advising the conveying solicitors that finance is approved.
 

Tony Marsh

Active Member
2 August 2017
8
0
31
We signed tis clause in the contract:

"The following details apply if this contract is subject to a loan being approved:"
 

Matthew Karakoulakis

Well-Known Member
27 October 2016
69
13
224
Hi Tony,

The first step in the process is to ascertain why was the deposit lost and this can be done by reviewing the contract of sale and the provisions of the contract before we give you an informed answer.

We will have to review the contract of sale to give you an informed answer and advise if you are entitled to a relief against the deposit forfeiture.

Please do not hesitate to contact us via the link below to arrange for an appointment to discuss your options.
 
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Rod

Lawyer
LawConnect (LawTap) Verified
27 May 2014
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Suggest you take up Matthew's offer! With a few $10ks at stake you should get legal advice.
 

Tony Marsh

Active Member
2 August 2017
8
0
31
Hi Tony,

The first step in the process is to ascertain why was the deposit lost and this can be done by reviewing the contract of sale and the provisions of the contract before we give you an informed answer.

We will have to review the contract of sale to give you an informed answer and advise if you are entitled to a relief against the deposit forfeiture.

Please do not hesitate to contact us via the link below to arrange for an appointment to discuss your options.

Matthew, Thank you for getting in touch. I will send the contract of sale to you very soon. Best Tony