Australia's #1 for Law

Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!

VIC Refund of Deposit on Property Under Property Law?

Discussion in 'Property Law Forum' started by swabby, 8 June 2016.

  1. swabby

    swabby Member

    Joined:
    8 June 2016
    Messages:
    2
    Likes Received:
    0
    I paid a deposit for the purchase of land, finance was approved, then I lost my job by redundancy. The bank then reclined the finance. The vendor is agreeable to cancel but wants 50% of the deposit $6500. I am entitled to full refund under property law?
     
  2. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,400
    Likes Received:
    373
    What does your contract say? Was it conditional upon finance?

    If the vendor is agreeing to cancel out of the goodness of his heart, I don't think you have a choice about the deposit. A deposit can only be refunded under certain circumstances, which should be spelled out in your contract.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  3. swabby

    swabby Member

    Joined:
    8 June 2016
    Messages:
    2
    Likes Received:
    0
    Thanks for reply but I didn't asked to leave work (I'd been there many years so unexpected redundancy) finance had all gone thru so I guess being conditional that would have expired however as my circumstances had changed bank rescinded finance therefore I asked for contract to be withdrawn on these grounds
     
Loading...

Share This Page

Loading...
gt;