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Surrendered commercial property

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Andrea P, Jun 18, 2019.

  1. Andrea P

    Andrea P Law Topic Starter New Member

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    I surrendered a commercial property to the developer that sold me the property so he could finance it for us in nsw Australia. I had put down $100000 as a deposit and since I surrendered it 6 years ago he hasn't sold it.
    I am wondering can I get any money back from my deposit, or would he be within his rights to keep the lot?
     
  2. justblue

    justblue Active Member

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    I'm sorry, Andrea...We deal only in United States Laws here.
     
  3. adjusterjack

    adjusterjack Super Moderator

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    That would depend entirely on the terms and conditions of your contract. I suggest you take your contract to a local attorney for review.
     
  4. army judge

    army judge Super Moderator

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    I am licensed to practice law in Australia, and still hold the now defunct QC designation.

    I qualified for the QC designation while serving as Defense Attache for three years in Canberra prior to my retirement from the US Army.

    That said, I might occasionally opine on Australian legal matters if I am so inclined.
     
  5. army judge

    army judge Super Moderator

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    I suggest you first read the contract you and the other party signed before you forked over $100,000 Australian dollars and the deed to the property.

    You DID read and sign a contract, didn't you, before forking over those beautiful $100K of colorful, plastic notes?

    Please elaborate as to why you ceded your ownership to the property and your $100,000 to another entity six years ago without any further action on the part of the other party.

    If you do so, I might be able to better understand just what transpired and if there is any hope of seeing the property back in your hands, or the return of the $100K.

    Did you do so because you fell behind on the note and thought the other party would be your "white knight" rescuing you and saving the real property, too?

    Final thought: You might wish to speak to a couple of solicitors to discuss if there is a way to redemption for you, your $100K, and the property you formerly held.

    Australian Solicitor - Lawyers and Legal Services Australia
     

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