02/12/2021
A family just lost 320k for a property because of this mistake.
Sam and Nardine had finally saved for 10 years to put a downpayment for a property in Melbourne. The price of the property was at $3.2 million. They paid $320k and secured ... until the deal collapsed.
The sellers removed a section in the contract's fine print that a standard home sale agreement will usually contain, called a 'subject to finance' clause.
In the contract, the seller had removed one of the clause.
And because of that, Sam, Nardine, and their children now lives in a very tiny apartment with no savings, and they can't show tell to their children.
The lesson learnt in this situation :
1. Never let your emotion be in control.
2. Seek out to an solicitor to get them read the contract.
3. Negotiate with the agent which clause to include or remove.
Read more >>> https://www.dailymail.co.uk/news/article-10262293/Family-loses-320-000-house-deposit-shocking-legal-loophole.html?ito=social-facebook&fbclid=IwAR0M17mbjsg2EbilJQoL77DCBrWFWhlbRj8HKkbShnnWHEJWEoWdnynD9Fg
Sam Gayed, 42, and his wife Nardine, 37, are broke after a real estate deal fell through and the seller kept their $320,000 deposit they saved for 10 years since they arrived in Australia from Egypt.