Sydney tradie loses his $241,500 house deposit because he was two days late paying the security

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 

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. 

Mr Alexakis, who runs a frameless glazing business, and his family left the country in July for an overseas trip to Greece in June.  

The vendors’ agent Courtney Wong sent Mr Alexakis a number of emails in July reminding him to pay the outstanding amount.  

‘With regards to the second part of the deposit I’m currently overseas and have been for the past 5 weeks. I will be returning on 6th August and will be depositing the balance … shortly after,’ Mr Alexakis wrote back on August 1. 

The email was delivered to Mr Wong’s mailbox at 4.45am on August 2 and he replied at 11.05am.

‘Contract provides for payment no later than 4th of August. Kindly provide receipt of payment,’ Mr Wong wrote.

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

The seller’s lawyer then wrote on August 5 advising him that his clients had cancelled the contract because of the failure to pay the outstanding balance. 

Mr Alexakis, who returned to Australia late into the afternoon on August 6, transferred the remaining $91,500 on August 7 which the vendors kept but did not reinstate the contract – leading him to sue. 

This week in the New South Wales Supreme Court, Mr Alexakis was told he must forfeit the deposit and had no claim on the house. 

The court ruled that while the language in the clause was awkward, the amount was indeed required to be paid by August 4, 2019 and the sellers were within their rights to void the contract and keep the money. 

A development application to renovate the mansion lodged by Mr Alexakis was also rejected by Woollahra Council, the court heard. 

The house features views of Sydney Harbour from a number of rooms (pictured)