Hi,
A friend of mine was due to settle on a property today. The conveyancor has rung this morning and advised that the vendor has requested an extension until the 15th March – something to do with another property they are trying to purchase and needing to wait until the finance has been approved. This sounds a little dodgey to me, plus the house is currently empty but they won't allow access to the house until settlement. The 2 week delay would not be a huge deal but the concern is that if they have some financing issues and still can't settle on the 15th.
Is there any way to ensure the settlement happens in 2 weeks, or at least if it doesn't there would be some penalty. Or if he walks away now is there any thing he can do about recouping building + pest inspection costs and conveyencing fees etc.
Any advice would be greatly appreciated.
Thanks!
His solicitor can issue a notice to complete, if they do not complete there is usually a penalty payment that they have to pay. Get him to ask his solicitor or have a look at his copy of the contract. ( Now that I think about it that is what the vendor can request from the purchaser, i am not sure if it works the other way around. But he can certainly ask his solicitor)
cheers
Sonya
Thats the problem when using a conveyancer.. He needs to get some legal advice now.
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
Thanks for your advice. Totally agree about using a conveyancer, they have been useless from day one. You get what you pay for and I've learnt a lesson from his experience. He's looking into some better advise.
Thanks!
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