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I owned a surfers paradise Hilton unit which I did not do

 
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  • Answered by:Sydney-Lawyer
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Customer Question

I owned a surfer's paradise Hilton unit which I did not do the settlement due to way over estimation of rental returns presented by the selling agent, unable to get sufficient loan from the bank due to down in market prices partly because of the delayed in settlement dates by Raptis under receivership . Currently I have realised the developer Multiplex is going after all that has not settle. I am a foreigner but in a common law country, what will happen to me and what must I do, and anyway to further negotiate the damages claimed? Appearently I hear my unit has been sold at a much lower value.

 

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State/Territory: Asia

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Submitted: 336 days and 13 hours ago.
Category: Australia Law
Value: SG$107
Status: CLOSED
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Expert:  Fran-mod replied336 days and 1 hours ago.

Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find a professional to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!

Customer replied335 days and 23 hours ago.

Thank you for your reply, I do not know what information you need from me. If that is the case, please cancel the question. Do I get a refund?

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Expert:  Fran-mod replied335 days and 18 hours ago.

Sometimes, finding the right Expert can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly.

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Expert:  Sydney-Lawyer replied334 days and 18 hours ago.

Good Evening,


The news I'm about to give you is not positive but I hope it will help you understand how the system works.

Under the contract is signed you agreed that if you did not settle that you would be liable to pay to the Seller the following:

1. Interest on the outstanding monies from the date of settlement onwards.

2. Any shortfall if they sold the property to another party

3. All legal costs associated with chasing new for the money.

They will need to provide you with evidence of what the outstanding monies are and if you are not satisfied with what they are telling you you have a right to seek more information.

You can ask for a copy of the contract of sale full details of legal costs and also how they calculated the interest.

If they choose to sue you in Australia once they get judgement against you in order to enforce that judgement in your country they will have to register it in a court in your country.

If they successfully register the Australian court order with a court in your country, then they can enforce their judgement against you.

The registration of the judgement in your country gives them the full force of the law in your country and the courts can do what they can to get the money from you.

The other alternative they have is to commence proceedings in your country can sue you over there and once they get judgements proceed to enforce it through your own courts.

Either way you will need to pay the money is judgement will be entered against you.

Throughout the entire process you are entitled to negotiate and try and reach an agreement between the seller to end any court proceedings.

I know it is not exactly what you wanted to hear but this is the current situation as you have a contract and at the moment you have breached the contract.

I hope this is of assistance. If you have any other questions please do not hesitate to contact me.

Having answered your question I would like to explain how I am paid for my work. The rating given by you, for my answer will decide whether or not I will be paid for my work.

At the end of this post you will see 5 faces asking you to rate my work. Selecting either of the 2 the unhappy faces means you are not happy with my answer and do not wish me to be paid for my work. The other 3 mean I am paid.

I would prefer you rate me at the very end of our session not after each response. This way I can be sure you have an answer that assists you and you can rate the whole experience.

If you want more information after I respond, or wish to have something cleared up, select "Reply so Sydney-Lawyer" or "Reply to Expert" and we can continue until you are satisfied.

I am here to assist you as quickly as possible, and you rating each post will delay the process as it does not tell me what the issue is. I would prefer you ask me questions than rating the response and not providing me with further questions.


 
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