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Ask Leon Your Own Question
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43728
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Finance clause JA: The Lawyer will need to help you with

Customer Question

Finance clause
JA: The Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: No
JA: Please tell me everything you can about this issue so the Lawyer can help you best. Please give me a bit more information, so we can help you best.
Customer: Have had a contract terminated due to not obtaining finance. I believe that best endeavours to obtain have not been made.i have asked for evidence of a decline letter but have been informed that they do not have to was my understanding that they do.Agent has returned deposit based on purchasers solicitors request.
JA: Is there anything else important you think the Lawyer should know?
Customer: No
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 11 months ago.
Category: Australia Law
Expert:  Leon replied 11 months ago.
Good AfternoonMy name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.Under the rules, all that is required is a letter stating that finance is not approved. Generally a letter from the bank is usually provided, or from the broker, explaining that the loan has been declined. Apart from that there is no other requirement to explain what efforts were made to obtain finance.Your solicitor should have requested a copy of the letter from the bank or the broker, to confirm that the loan has not been approved.If this has not been provided, then you should request your solicitor asked the question. But aside from that they are not required to provide anything further. I hope this makes sense and is of assistance. If there is nothing furtherthank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon