Reply To: Buyers can't complete purchase contract in time

#182828
Perrypower1
Participant

You don’t tell us the full purchase price so it is difficult to determine whether the deposit represents a small or large proportion of the transaction.

The buyer has until 01 October 2014 to complete the sale. If you start to market the apartment now they could argue you had no intention of completing the sale.  They may not be successful in their claim but there is room to argue the point in law.  If you entered into an agreement for sale prior to 01 October then the old buyer could make a claim for twice their deposit back.  If you sold the apartment as a result of marketing prior to 01  October they could attempt to claim the same damages.   Basically you cannot act prior to the contract  being breached without risking tainting the whole transaction.

While it is frustrating to have the the transaction dragged out, the offer of an increase deposit is in your favour.  If it was me I would also ask for damages equivalent to the rental value of the property for four months.