I have recently put a property under contract, subject to finance, sign the papers. I then got the loan, and the deposit organised and was almost ready to sign the home loan documents when the real esate agent called and stated that we had to come back and resign a new contract as he stuffed up and marked the home as residential not rural living. As a result this bumped up the deposit i needed form 5% to 10%, which worked out an extra $10 000, which i cant afford. What are my legal rights? I have a copy of a contract stating residential and have refused to sign anything else at this point.

Speak to the broker and push the matter. Insist that they "eat the loss." Theyhave to have E&O insurance (errors and omissions) and that should cover it. Stand your ground.

As the old contract is nil & void you are entitled to a refund on the deposit if you no longer want to buy the property.

The change in property type is a "material" (significant) change and you are entitled to cancel the contract and get your deposit back.If you would like to continue if you can get the 10% down payment, try to negotiate with the brokerage for them to pay a bit. Also, ask the seller to carry a 5% second loan. Also, try to find another lender (ask mortgage brokers).Don't sign anything until you have all the details worked out. If you don't have a buyer's agent, you should get one (don't use the seller's agent).