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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36195
Experience:  16 years real estate, Realtor. Landlord 26 years
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My wife and I signed up to buy an apartment in August

Customer Question

Hi My wife and I signed up to buy an apartment in August 2014.The developer has told us that because of delays the apartment will not be finished within the contract time.We will not be re-signiing a new contract as our circumstances have changed.We paid $60,000 deposit into a trust account and have been paying the loan monthly.Our question is are we able to claim those payments from the developer as they have not fulfilled their obligation on time?Thanks
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: wa
JA: Has any paperwork been filed?
Customer: The developer has sent us a form to fill in which just allows both parties to terminate the agreement
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 8 days ago.
Category: Real Estate Law
Expert:  Barrister replied 8 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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If the deposit and the payments were to go to the developer once they were done as part of the payment for the apartment, then if they are basically admitting that they are in breach and won't be able to perform under the contract, then you would be entitled to a refund of those funds since the developer is in the wrong.

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But I would carefully review your original contract regarding those payments and what it says happens in the event of breach by the seller. Also closely read their form and do not sign it until you confirm with them, preferably in writing, that instead of you suing them for breach of contract, they agree to just release that money back to you.

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thanks

Barrister

Customer: replied 8 days ago.
The deposit was to go to the developer.The monthly payments were to the anz bank for an interest only loan.
Customer: replied 8 days ago.
no thanks need to do some homework
Expert:  Barrister replied 8 days ago.

Ok then I might consider suing the developer for any interest you have paid as damages as well as your deposit back because but for the contract, you would never have taken out the loan..

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