SA Selling House and Real Estate Agents - Dismiss Real Estate Contract?

[Quill]

Hi I have a property up for sale. I had one contact the cooling off period was over, and close to the end, I had a phone call after I had a congratulations letter from the Real Estate Agents to say my place had been sold and the conveyance people would contact me regards to the last step. I received a phone call late one night to say that the buyers could not get finance. I was sent an email with regards to the buyer wanting their deposit of 500 dollars back.

Then my real estate person contact had run out, but she had another buyer and told me to sign the real estate contract again and everything would be the same except the offer was 1000 more. I accepted that offer, all was going well.

The contract had a bank on it with regards to finance and the minimal amount was 2000.00. They had that banker come in to say "yes, the loan would be ok and also the inspection was done and that there was not a problem there". I received a call yesterday to say that they were having trouble with the finance. They went to another lender who didn't approve their finance even though the bank which was on the contract did. The Real Estate agent put the sold stick on my sign and sent me another letter saying congratulations I have sold my property with the same information as the last letter other then the date changed.

I talked to her this morning to say that it had fallen through and that they had changed financial institutions. She said she would send me the same email with regards to them wanting the 5,000 dollar deposit back.

She said we could get people in to look again. I was not sure. I thought about it and then sent an email asking for our real estate contract to be terminated as of today and asking for what I owed. I am very very unhappy with the whole deal.

Now it looks like I will need to go with someone else and pay for photo signs and internet.. I am not sure if she will charge me extra than we initially mentioned when I said "what if I don't sell my home in the first contract?".


Am I within my rights to keep the 5,000 dollars and dismiss the real estate contract under property law?


Kind regards..

 

[Sophea]

Was the contract conditional on finance?

 

[Quill]

Yes, it was subject to finance, with a certain bank. They were accepted with a loan of a minim of 200, thousand they had someone to come and have a look and told the Real Estate there would be no problem. The purchaser's decided to go to another bank for a cheaper rate and was knocked back. They had a knock back letter from the last bank they went to but not the first which said it was ok.

In the end I was told to sign the release of the money which I did do. I then terminated my real estate person still with 2 month contract with them. I sent an email asking for the monies I owed and also the key return which they did. I paid all up.

I am hoping now to get a new agent since my place is empty. I asked the real estate that I wanted some thing in writing that we agreed to discontinue the contract but have not heard back, this happened twice with that same agent, two congratulation letters you sold your property came in the post.. but each time it was not.. I ended up getting a moving van and now living with my brother till I sell up and find a new place.....

Kind regards...