VIC Bank Took Over Sale from Vendor - What to Do?

[Savy]

Hi,

I reside in Victoria. I purchased a property and the settlement was due on day X. On the morning of the settlement day the vendor's solicitor contacted my conveyancer and advised that the settlement couldn't proceed due to a missing documents. We asked them to nominate a new settlement day but they didn't communicate at all.

After two weeks we served them a notice of default and after 14 days we asked for the deposit to be released but the real estate said they need a confirmation from vendor's solicitor to release the deposit. The deposit is in Real Estate trust account.

After couple of days we met with real estate where they said after signing the contract that the vendor's bank had taken over the property and bank was the vendor now! They said they need confirmation from bank to release my deposit! I don't get it!

I had a contract with the previous owner and not with the bank. Why does the real estate needs the bank's confirmation? For the information my contract was a standard sales contract.

Few questions:

1- What is the fastest way to get my deposit back?

2- Can I sue the real estate because they didn't let my conveyancer know that the bank had taken over the property? (they claim they didn't know)

3 - What are my rights? How can I claim for my damages? My family are in a massive stress and my personal life in danger. I have got muscle twitch and some anxiety attacks after this.

I was an innocent first home buyer who was not ready to deal with these kinds of regulation and complexity.

Please help me.

Best regards,

 

[Rod]

Suspect you would have benefited from having a lawyer rather than a conveyancer manage your purchase.

Do you still want to proceed with the sale? Or just get you money back? If you just want the money back, call one more time (see no 3. below) and if no joy then send a letter of demand to the Real Estate agent. If you do not know how to prepare a letter of demand you should see a lawyer.

1. Convince the agent they'll be in court if they don't give the deposit back asap.
2. Unlikely, but not out of the question.
3. Calm down, it is not the end of the world. Health is far more important than money. Talk to the agent again. In addition to threatening court, mention you may report them to the REIV for their unethical behaviour and suggest they are not fit to have a real estate licence.