A recent property matter highlights the importance of seeking legal advice before exiting a contract…Â
A recent matter highlights a critical lesson for buyers and sellers in Victoria’s Property Market. Read about why you should always seek proper legal advice before attempting to exit a contract.
We acted for a vendor where the buyer attempted to exit the contract under the loan approval clause. However, they relied on a broker’s letter, which is not always sufficient to lawfully terminate a contract…
KEY TAKEAWAYS
- A broker’s letter may not meet legal requirements to cancel a contract.
- Wrongfully ending a contract could amount to repudiation, exposing buyers to serious financial loss.
- The vendor may have the right to terminate the Contract and claim the remaining deposit that due to be paid & compensation.
Through swift legal action, we successfully navigated the dispute and ensured the buyer proceeded with settlement in a short period of time. In a market where interest rates are high, securing this outcome was a HUGE WIN for our client!
Key lesson: Before attempting to exit a contract, ALWAYS seek proper legal advice – it could save you from serious financial consequences.
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