QLD Deed of rescission Or variation of contract and can the seller refuse either

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Sandro Stewart

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11 May 2017
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Qld
Sooo as it stands this morning the sellers solicitors have offered to indemnify us but are not willing to enter a deed of rescission. My solicitor has advised against the offer of indemnity, but it’s all a bit rushed at the moment, so I don’t know what the difference and or consequences are for us
 

Rob Legat - SBPL

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16 February 2017
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They’re promising to fix you up if something goes wrong. It’s a promise to pay you back, but it’s only as good as their ability to do so and that they stick to their word. It may be enforceable in court, but that will mean a long while down the track if you have to take court proceedings. In the meantime, you will have had to wear the cost of whatever loss is involved .
 

Sandro Stewart

Active Member
11 May 2017
8
0
31
Qld
They’re promising to fix you up if something goes wrong. It’s a promise to pay you back, but it’s only as good as their ability to do so and that they stick to their word. It may be enforceable in court, but that will mean a long while down the track if you have to take court proceedings. In the meantime, you will have had to wear the cost of whatever loss is involved .
Thank you,
It seems that this only affects the sutybpayanle on the property and interest accrued for a maximum of 5 years from settlement. Calculating that from the current purchase price of 225k plus interest accrued would leave me liable to approx 3k if the transaction was reassessed by the Dept of state revenue.Now if that calculation is correct and it does not affect anything else as to my legal ownership of the property, then financially I assume 3k is reasonable compared to entering into proceeding to terminate contract and then being left open for the other party enter counter proceedings. I’m stuck between a rock and a hard place but am I right to just choose the lesser of the two evils in this circumstance?
Again thank you so much for taking the time
 

Rob Legat - SBPL

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16 February 2017
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There's no way to answer your question without an understanding of all the circumstances. You should direct this question to your solicitor.
 
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Rod

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You also need to consider why the other party is being unreasonable. Often there is a reason that is not to your benefit.

If it was me, I'd stick to what your lawyer is advising.
 
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Rob Legat - SBPL

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16 February 2017
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Here's the most common reasons in my experience why a Deed of Rescission isn't agreed to:

- It's 'too hard' / 'takes too long' / 'I'm too busy'
- They don't want to tell their client they made a mistake
- The agent gets in someone's ear and convinces them they don't need it
- Costs