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We purchased a property and settlement was scheduled for…

Hi We purchased a...

Hi We purchased a property and settlement was scheduled for 15th Feb. However a week prior we were informed that the Vendor would have a shortfall on his mortgage. Settlement never occurred, due to the ANZ not releasing the title because of the shortfall. To cut a long story short - we offered a new settlement date of 29th June to assist the Vendor in securing funds for the shortfall. He declined our offer and informed us that he had a friend offer a guarantee for $30,000 and in a letter from the conveyancor - "it is suggested the purchasers pay another $25,000 towards the property and the ANZ would then release the title". My question is where do we stand. I thought that the bank would have to release the title and pursue the vendor for the shortfall through insurers mortgage or allow the vendor to refinance the shortfall. Any advice on this matter would be most appreciative. Regards Tanya.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

We are in Victoria

Lawyer's Assistant: Has anything been filed or reported?

I do not understand ??

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We have a conveyancer who has submitted a letter for specific performance and we have a caveat placed over the property.

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Answered in 5 minutes by:
2/27/2018
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,271
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Hi, my name is***** solicitor in Melbourne. Thank you for using Just Answer, and I will answer your question today, and ask various questions to narrow the issues in your post raised.

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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,700
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

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Customer reply replied 4 months ago
Thanks

Good Afternoon

Are they asking you to pay more than the contract price?

Have you agreed to the extension of settlement?

Ask Your Own Australia Law Question

This is John Melis, solicitor in Melbourne

you should instruct your conveyancer to issue a breach notices and have the contract terminated and then sue for damages for the loss you have incurred. No need to waste time asking for an extension as such.

The best out come in property is to take the legal approach as this will provide you certainty on the matter.

You can come back to this post any time to ask questions and there will be no further charges to you.

Don't for get to rate me for 5 stars and thank you for using Just Answer.

John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,271
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified
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