Browse Forums Home Finance 1 Feb 18, 2015 10:14 am Hi All, Looking for some advice in relation to getting a deposit back. We put a deposit down for some land in May 2013. The land is yet to get titles. We never submitted an unconditonal finance offer - we only ever submitted a conditonal offer. Now my hubby is not in the same job and we are unable to get a mortgage (it has been nearly 2 years.) Can they sue us? And is there any chance of getting our deposit back? Thanks, Ro Re: Finance decline and getting our deposit back 2Feb 18, 2015 10:40 pm ro88 Hi All, Looking for some advice in relation to getting a deposit back. We put a deposit down for some land in May 2013. The land is yet to get titles. We never submitted an unconditonal finance offer - we only ever submitted a conditonal offer. Now my hubby is not in the same job and we are unable to get a mortgage (it has been nearly 2 years.) Can they sue us? And is there any chance of getting our deposit back? Thanks, Ro Hi Ro, Normally contracts of sale like this don't allow for long conditional clauses. The contract is normally unconditional once you sign unless you specifically asked for finance, etc clauses to be put in all the way to settlement. It's a risk one takes buying something that far in advance, and if that's the case then you might not have a leg to stand on. If it comes to settlement and you cannot settle, then you might lose the deposit and also be liable for any shortfall/penalties that the developer encounters. However, the contract may have a sunset clause which stipulates when the land should have titled by, and if it's passed by that date then you might be able to exit the contact without penalty. Anyhow, you DEFINITELY need to seek legal help on this one. Cheers Tom Re: Finance decline and getting our deposit back 3Feb 19, 2015 1:29 pm Agree with Tom, and you sound like you could be approaching the sunset clause date - also get a second opinion on the finance, you may have other options. Not all lenders have the same rules Is he still working the same role and same conditions? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57387 Thanks. I called VBA today and they said it was a Consumer Affairs issue, the old handball. Seems like the government organisations don't want to do their job at the moment. 2 7556 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4821 |