by Lee  10/02/2021  0 Page Views
1 Comments  Commercial law, litigation, contracts, IP, property law

I had signed a property contract selling a property in September last year with a special condition: “this contract is subject to and conditional upon the successful settlement of the buyer’s existing property situated at xxx QLD 4304 on or before 15th of February 2021 (the settlement date). The buyer is under a name of propery investment company. 

Five working days before the settlement date, the real estate agent forwarded me an email from the buyer’s solicitor asking for extending the settlement date to the 15th of March. I ask the real estate agent telling the buyer's solicitor to contact my solicitor but my solicitor still has not heard from them.

At the time of signing the contract, the real estate agent had the understanding from the buyer that the buyer is waiting for the settlement of the property at XXX QLD 4304. I signed the contract based on that understanding.

Now I have reason to believe the buyer never had a contract in place on selling their property at XXX QLD 4304. The property is online for sale and doesn’t have “Sold” or “Under Contract” under it. Can I not agree to the extension, terminate the contract and put the property on for sale again? Is it possible to forfeit the deposit please?  Can I also ask what the process of forfeiting the deposit please?