WA House Buyer in Breach of Contract?

[Briandavies]

The Buyers of our house in metro WA have verbally indicated through our Real Estate Agents that they would like to get out of the Contract. The Contract is currently unconditional. Property settlement is due in May 2015. There is now clearly a significant risk that the Buyer may not fulfil their obligations and not actually complete the Contract. The RE agent will be talking with the Buyer again to reiterate that the Seller will remain on track to complete/settle, and also to reinforce their Buyer responsibilities. Nonetheless, actions speak louder than words.

Few issues here for us as Sellers right now:
1. Legal: What should we do now? e.g. see a lawyer and/or send the Buyer a letter outlining their responsibilities and consequences etc.
2. Legal: should we engage and tee up a property lawyer so that if the Buyer does not complete we can hit them swiftly immediately post Settlement Date?
3. Practical: currently we are 'half pregnant'...i.e. our house is half empty - with contents in storage and packing boxes all over etc - so not presentable!. Is our RE agent allowed to informally seek out or engage with alternative Buyers?

This has all the hallmarks of an impending trainwreck, and we just want to take reasonable and timely steps to protect our interests. ....first prize here is the sale as contracted, but it might not happen. Comments or general advice welcome. Thank you.

 

[Ivy]

Hi there,

I apologise for the lengthy delay in responding to your query. Is this issue ongoing?
If so, where is it up to?
The buyer would forfeit their deposit (usually 10% of the sale price) if they pull out of the contract. I am not sure that you would be able to take further legal action against them.