Settlement Date confirmation

Viewing 5 posts - 1 through 5 (of 5 total)

shoppingarigas
Member
@shoppingarigas
Join Date: 2011
Post Count: 25
May 13, 2011 - 9:38 am
How long should the Vendors Solicitor take to respond to the purchasers solicitor requesting confirmation for a settlent Date?
We Have requested 6 weeks, but 1 week has already passed and we have had no response yet?
Any feedback would be greatful.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 13, 2011 - 10:43 am
Solicitors, like any profession, vary in quality. Sounds like you’re dealing with some inefficient ones (or indecisive vendors).
Has your solicitor mentioned why they haven’t responded? Ask him/her to hound them again.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
shoppingarigas
Member
@shoppingarigas
Join Date: 2011
Post Count: 25
May 13, 2011 - 12:09 pm
Hi Jamie,
My conveyancer has said that this is normal practise and he has had dealings with the vendors solicitor and he is really slow, however I am a bit cautious as we had problems with the vendor and his solicitor when we exchaned.(Ive posted the link so you can get an idea) but I dont want to get paranoid about the situation. I thought there might have been a clause where the vendor's solicitor had to respond within a ceratin time frame.
https://www.propertyinvesting.com/forums/property-investing/help-needed/4336568
cheers
Alex
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 13, 2011 - 1:18 pm
The settlement date is usually listed or defined in the contract of sale. If you have already exchanged contracts then this date is fixed. If you are asking to vary it I would just get your solicitor to ring up the vendor's solicitor to chase it up.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 14, 2011 - 9:06 am
Hi Alex
Have you exchanged contracts yet? If so, and if it’s an IP, then it shouldn’t matter a great deal if there being tardy in their response. A longer settlement just means a longer time before you start making those repayments. If they don’t end up settling – you’d have to be compensated.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]