Buyer deleting interest clause on late payment

Discussion in 'The Buying & Selling Process' started by KateSydney, 24th Jun, 2021.

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  1. KateSydney

    KateSydney Well-Known Member

    Joined:
    2nd Jan, 2019
    Posts:
    195
    Location:
    Bundanoon
    Hi all,

    I've had one of my IPs on the market for just under 1 week in Harkness (aka Melton West in Victoria).
    Agent has just sent me an offer I would have liked to accept - over the phone Agent said it was unconditional.

    But now I see that the purchaser has deleted Section 6 about interest penalties in the case of late payments.
    I am using a conveyancer, not a lawyer (yes, I know, I know) and I have just asked her to give me her opinion on this.

    But does anyone here have any thoughts?

    By the way if this falls thru I really don't care - I was not ever in a hurry.

    Thanks
     
  2. standtall

    standtall Well-Known Member

    Joined:
    19th Oct, 2015
    Posts:
    2,701
    Location:
    Sydney, NSW
    They are likely just worried about bank delaying settlement and trying to avoid having to pay deposit as a result. As long as there is decent deposit being paid, you have no reason to worry. If the sale fell through, you will get to keep the deposit assuming a standard contract.
     
    KateSydney likes this.
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
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    You'll care if the settlement drags out with no end and with little recourse. Put the clause back in, but tell them you'll accept a longer settlement with the option to settle earlier.