Hi all, help and advice needed!

This is the first time I'm dealing with sub sale property and with markup price and shits happened, here's the details.

Property selling price is 400k, and I able markup to 450k, loan approved 90% at 405k, I paid 10% down payment 40k to owner upon signing SPA. Of course everything come with a side agreement from lawyer, stated that I should get back the excess payment.

Everything goes smoothly until I collect key last week, lawyer only pass a 5k cheque to me as excess payment, and I have to collect the remaining 40k from ex owner. The best part is the ex owner told me he used up all money in his new house renovation, only able to pay me 10k now, and ask for interest free instalment of 2k monthly to pay off the remaining 30k (wtf?!)

My question is, shouldn't the lawyer to be the stake holder to hold all the money before release the correct amount to the ex owner? And what can I do now?

405k loan amount minus 400k actual price.
I don't want to disclose the name 1st, I see what they can do on Monday
Anyone has similar experience?

[quote=nookie188,Dec 4 2016, 01:13 PM]
post your side agreement here ? of course you can blank off the essential personal info.


This post has been edited by Ryo`: Dec 5 2016, 09:55 AM


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Thanks, I'll see what can the lawyer do. Can I file a complaint against the lawyer for this mistake?