Are you buying a property subject to the sale of your property?
Are you buying a property subject to the sale of your property? Are you reliant on the deposit from the sale of your house to finance the deposit for the purchase of your new home? If this sounds like you, you need professional advice from your real estate agent and lawyer. We can offer you that exact service and ensure both of your transactions go smoothly.
Case in point: The purchaser under the agreement for the sale of your house declares the agreement unconditional. You think great; I have sold my house, and I will go unconditional under the agreement to purchase my new home. But, before you do, you must receive payment of the deposit from the person who is buying your house. No payment of the deposit may put you in a vulnerable position as one unfortunate couple in Auckland found out. Unfortunately, the deposit for the sale of their house was never paid by the purchaser. The Auckland couple exercised their right to cancel the agreement, and their house was re-listed on the market. The couple resold their house at a lower price. As a result; the couple suffered a loss, incurred costs from having to borrow additional finance and had to make mortgage repayments on two properties at once, and payment of increased legal fees. In hindsight, this situation could have been easily avoided.
Contact us today to see if our services are right for you.
Alister Moran