Hi everyone,
I am buying a property and want vacant possession, i have given the owner 10 weeks prior to settlement. Settlement date approached and was cancelled due to the tenants still being there. The owner claims they are about to go to the tribunal which is another 28 days, which i believe should have been done weeks ago, since i have given them lots of time. My solicitor suggests a notice to complete….if i were to do this, and 14 days pass and the tenants are still there what will happen? I want this place and dont want to let it go, what should i do?
Thanks
PropertySeekerI think you will have the right to rescind or cancel the contract if they do not settle within the 14 days after issuing a notice to complete.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Issue the notice to complete and then if settlement does not take place issue proceedings for specific performance ie a court orderr that the Vendor is to transfer the property to you under the contract
Was VP a stipulation in the contract for sale? If it wasn't, then they do not have to give it to you as VP.
Are the tenants still under lease? If they are, then it is unlikely that you will get vacant possession unless the place burns down or is otherwise uninhabitable.
You won't get something that was not in the contract (even if that something is a nothing).
hi everyone,
actually yes, VP was on the contract and the tenants are not on a lease. I asked for a late settlement, hence giving them 10 weeks to settle, the selling agent told me that the tenants will be out within 6 weeks but they are still there now and it is currently the 11th week.
I'm worried to sign the notice to complete because after 14 days and nothing is done, will they just give me back my deposit and i'll lose the place?
Thanks
PropertySeekerTalk to your lawyer. I think signing the notice will indicate you will be cancelling the contract, and keeping the deposit, if they do not settle – but you don't have to cancel it.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Everyone,
i still have not settled!! the vendor claims they have went to tribunal but since they submitted a wrong name the need to re-apply for another tribunal, which is on 3rd Dec?!? I mean, what are they doing?!?
I spoke to my lawyer and she simply says I have to wait….its soooo long now….is there any compensation for the buyer??
Thanks
PropertySeekerYou could terminate the contract if you wanted to. If you want the property then you would have to wait or accept it with the tenants (and the problem of getting themout).
You probably can't claim any damages as you haven't really suffered a loss, just a delay. But talk to your solicitor about this. Maybe you will be charged extra legal fees for all this and could ask the other party to pay this.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
@propertyseeker……the good news is that as the sale price is “fixed” and you haven’t been paying the mortgage then you’ve been earning pure capital growth on the vendors dime. eg its not costing you anything…..
For example lets say the property is 13 weeks late exchanging and its worth $1m with capital growth in the area at 6%.
Then the vendor has given you a $15,000 discount because while you haven’t been paying the mortgage…..you earned $15,000 in capital growth.
Of course…..none of this matters if you need to sell your own place or are paying rent etc but basically if buying an investment property then buyers should always be looking for delayed settlement as it all adds up…….
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