dream home

Tradie loses $241,500 deposit for his dream home

PHOTO: The modern three-level property (pictured) is in Sydney’s exclusive eastern suburbs 

A Sydney tradesman has lost his $241,500 deposit and a deal to own a $4.8million mansion after the seller cancelled because he was two days late to pay.

Theo Alexakis handed over $150,000 of the deposit for the five-bedroom dream home in the city’s ritzy eastern suburbs when exchanging contracts on April 4, 2019.

The fine print stipulated the remaining $91,500 had to be paid ‘on the the fourth month after the contract date’ which Mr Alexakis understood to be on any day in August 2019.

Tradie Theo Alexakis lost his deposit for the five bedroom house in Sydney (pictured) as well as any claim to buy the property

Tradie Theo Alexakis lost his deposit for the five bedroom house in Sydney (pictured) as well as any claim to buy the property 

He had also submitted an application to Woolahra Council to renovate the $4.8million mansion (pictured)

He had also submitted an application to Woolahra Council to renovate the $4.8million mansion (pictured) 

The vendors, Chi Hing Wan and Kwan Yee Chan, had interpreted the clause to require the remaining deposit be paid by exactly four months after signing the deal – on or before August 4, 2019.

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