Hi there!
We are sellers who entered into a Subject to Finance contract of sales, which states 14 days from date of contract. And Settlement in 30 days including the 14 Days Finance date. On due date of the Finance date, buyer throught their lawyer, wrote to us requesting for a 2 months extension, which we have replied with a decline and requested that they put in the deposit if they wish to continue with the contract.
Till date, the buyer is already 1 week over the 14 days, and is requesting throught the agent for another internal inspection of the properties for their finance application. The inspection were never brought up during the negotiations and we had already granted them 1 viewing right after the contracts were signed with a initial non-refunable deposit of $1500 received by us.
Agent is threatening us to oblidge or terminate the contract. It was stated in the Special Condition that unless the seller does not settle, the seller has to return any monies received. In our case, it's the buyer who has default the time frame for the Finance period.
Our questions are:
1. If the buyer has defaulted on not completing their 14 days Subject to Finance, when is the contract considered invalid?
2. How can we have a closure to this contract without having to return the $1500 which was clearly stated as non-refundable in the contract.
Thanks so much for your kind reading and advise!
alice
We are sellers who entered into a Subject to Finance contract of sales, which states 14 days from date of contract. And Settlement in 30 days including the 14 Days Finance date. On due date of the Finance date, buyer throught their lawyer, wrote to us requesting for a 2 months extension, which we have replied with a decline and requested that they put in the deposit if they wish to continue with the contract.
Till date, the buyer is already 1 week over the 14 days, and is requesting throught the agent for another internal inspection of the properties for their finance application. The inspection were never brought up during the negotiations and we had already granted them 1 viewing right after the contracts were signed with a initial non-refunable deposit of $1500 received by us.
Agent is threatening us to oblidge or terminate the contract. It was stated in the Special Condition that unless the seller does not settle, the seller has to return any monies received. In our case, it's the buyer who has default the time frame for the Finance period.
Our questions are:
1. If the buyer has defaulted on not completing their 14 days Subject to Finance, when is the contract considered invalid?
2. How can we have a closure to this contract without having to return the $1500 which was clearly stated as non-refundable in the contract.
Thanks so much for your kind reading and advise!
alice