Generally, most property purchasers require some form of finance. The prudent purchaser before attending an auction or signing a contract of sale will obtain finance approval from the lender in advance. However, what can happen, unfortunately, is that where a purchaser considers that they have obtained finance approval and paid a deposit, the lender then says, finance has not been approved. Today this situation is becoming common, and the purchaser needs to be aware of how to minimise a lender withdrawing their support prior to settlement.
Every purchaser to a contract should appreciate that where they do not meet the settlement conditions with paying the final amount due on the day of settlement, a breach-of-contract will occur, and the vendor may sue the purchaser for their losses. Now,
John Melis Dec 28, 2018 09:50 AM