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Deed of rescission

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Sunni2185 View Drop Down

Joined: 20/October/2018
Location: Australia
Posts: 1
  Quote Sunni2185 Quote  Post ReplyReply Direct Link To This Post Topic: Deed of rescission
    Posted: 20/October/2018 at 15:31
Monday is meant to be settlement day for our purchase of a property but yesterday(Friday) our solicitor informed us that due to a mistake made by the realestate agent whendrafyong the contract that the seller is listed as a company but whilst conducting title checks it was found that the seller was in fact a trustee. The issue arises for us because we have been informed that because they are two legal entities if we were to go ahead and sign the contract on settlement day that we may if stayes and revenues were to assess the transaction, be liable for another set of stamp duties and interests. We were recommended to have a deed of rescission drawn up to easily fix this mistake however the sellers solicitors have flat out refused to compromise as they stated that there is no need for a deed of rescission, but rather they have offered a variation of contract ??? My solicitor isn’t answering her phone, I have no feedback or options and come 7am Monday I am expected to sign a settlement on a property which may or may not be very costly to us in the future all because the seller doesn’t feel like it. Please help

citizen-joe View Drop Down
Senior Member
Senior Member

Joined: 09/October/2005
Location: Australia
Posts: 752
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 22/October/2018 at 22:28
I don't think you need the deed, if they replace the contract with one correctly drawn up showing the correct seller and all the other details the same.

However if stamp duty has been paid on the existing contract you will need the sellers solicitor to provide you with an explanation satisfactory to the titles office and sign an agreement to cover any extra costs incurred.

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