QLD Bank Couldn't Release Mortgage - Raine and Horne now Suing Me?

[alwaysmagic]

Hi,
Earlier this year I put a unit up for sale, as I had a lot of outstanding rates, body corporate, water owing etc. Raine and Horne got a contract on the unit for me, $152,000.... At the time, I thought "great, sell it and pay the shortfall off". On going to see my bank manager, he informed me the mortgage is $161,000 and I have approximately $18,000 in arrears on body corporate, etc., so he could not release the mortgage...

I told the real estate agent and the solicitor. I was advised to ask for an extension to see if I could 'come up' with a solution. 3 months later, no solution. I advised all concerned that the sale could not go through... I have now been told I will be sued, or made to go bankrupt if i don't settle..

I believe both real estate agent and solicitor/conveyancer were negligent in their duty to me. They did not inform me this would get serious...

Please help me

 

[James D. Ford - Solicitor]

Hi, it appears you have entered a Contract and failed to settle... so as you are now aware... the purchaser will therefore now have legal rights against you... and the real estate agent will also have a right to be paid their commission for generating the sale.

I would have to see the Contract, and understand exactly what you were told by the real estate agent and your solicitor/conveyancer before being able to comment with regard to any potential claim for negligence against them.

You might have been able to obtain a small personal loan / credit card to cover the shortfall from another bank or short-term funder.... but I assume you attempted to do this already, or the amount was just too much... and could not be financed on an unsecured basis...

Have you been sent any letters of demand?

Kind regards