Contract

Hi We signed contract to buy a property in WA with subject to Finance by one particular bank. The mortgage advisor advises me that we cannot get a loan for this amount but still has not given us the non approval letter. I asked for extension of time to settle finance condition, but the vendor refused it and placed the house back in market again. Now may I know what is the status of this contract and how can I get the deposit back? I have non approval letter from other bank but I was told that I have to wait for non approval letter from the bank I mentioned in contract to terminate the contract.Please advise what I can do to terminate this contract?

Hi Leslie

I'm not familiar with WA contract law but I do know it's different to NSW and QLD. The best person to speak to is your conveyancer/solicitor on this one. Best of luck.

Your contract to purchase a home was conditional to having finance approved by a set date, that date has since lapsed and finance was not approved this brings a contract to an end.

Write to the real estate sales representative selling the property requesting for your deposit to be returned.

I hope this helps.

Hello friends
Thank you for your advice. I will give a notice of termination to the agent today.