Reference no: EM132924179

Q1: As the vendor's agent, you recently put a property under contract, and collected the full deposit after expiry of the cooling off period. The contract was subject to the buyer obtaining finance within a specified time frame. Two days before the finance special condition is due to be met, the buyer's agent, acting on behalf of the buyer, advises you in writing that the buyer has been unable to secure the necessary finance and that the contract should therefore be terminated.

As the vendor's agent, what would you advise the vendor to do?

Q2: The vendor tells you not to refund the deposit, as the buyer has not used their best endeavours to secure finance. As the vendor's agent, you relay this message to the buyer and the buyer's agent. As the buyer's agent, what would you advise the buyer to do?

Q3: The matter remains unresolved and proceeds to court. The magistrate instructs the vendor's agent to release the deposit to the court. As the vendor's agent, what are you required to do?