All Topics / Overseas Deals / HELP!!!Late settlement penalty interest for western australia

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  • Profile photo of smy_leesmy_lee
    Member
    @smy_lee
    Join Date: 2009
    Post Count: 7
    March 25, 2009 - 11:19 am

    HI all !! i need help!!! im a first homebuyer who decided to do their own settlement what a nightmare! my mum was to help me but its a compkicated settlement and now the vendor and their bank wont settle for another two weeks. Can i charge penalty interest? is it calculate at 9% annually? do i just inform the other settlement agent i am seeking interest and then calculate on day of settlement? PLEASE HELP AHHHHHHHHHHHHHHHHHHHHHHHHH!!!!! thanks

    Profile photo of airstrike2001airstrike2001
    Participant
    @airstrike2001
    Join Date: 2007
    Post Count: 22
    March 27, 2009 - 4:38 am

    Hi

    If you are purchasing the property, then you can charge penalties if they are delaying settlement. usually this is appropriated into payment of 2 weeks rent or similar. if you are selling the property then you can put penalties onto the settlement. The best thing i would suggest is get some independant professional advice from a settlement agent/conveyencer or lawyer. I also think it has to be written into the contract but not 100 % sure on this.

    you've got a lot of courage to do a settlement on your house especially if your a first homebuyer. I know a few settlement agents who employ other agents to do their settlements for them.

    Cheers
    Airstrike

    Profile photo of neetyneety
    Member
    @neety
    Join Date: 2007
    Post Count: 15
    March 29, 2009 - 11:43 am

    Hi Ive had the opposite problem,  where I am purchasing a property, and I had to extend settlement 5 times!!
    I had a nightmare with the CBA, the Broker and the Solicitor were hopeless and not being pro communicative with each other.
    I basically had to take over because mainly the CBA were really really behind in processing loans. Ive been told they have been working all this weekend to catch up.   I was extremely lucky the owners DIDNT put on penalty interest,  It would have crippled me and the deal probably would have fallen over and I loose my $10k deposit. 
    So think carefully about the whole thing.  Ive learnt to try and save a couple $100 on a service may not actually be worth it, better of paying that little exxtra.  Saves alot of stess.

    Neety

    Profile photo of smy_leesmy_lee
    Member
    @smy_lee
    Join Date: 2009
    Post Count: 7
    March 31, 2009 - 10:05 am

    thanks heaps!! yes i aske for the penalty interest but the realestate lady ended up telling me good luck trying to get it out of them. THey have no money and now the settlement delayed again. I ahve to try and recoup some money out of them for my settlement etc because it looks like it won't settle . I am so annoyed…………..but i wouldnt have liked it done to me. Im thinking of building now but far out , im not sure any tips ?

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