Buyer wants an extra 4 days to settle commercial property. What could be reason?

I sold my mum's commercial property (as power of attorney) last July with 6 month settlement and settlement is next Monday.

Buyer rang and asked if I can give them until next Friday.. extra 4 days

My mum has passed away 4 months ago and property transferred into my name only weeks before xmas.. (they cannot rescind due to clause)

The buyer said that they applied for bank loan with contract in my mums name and that now the bank has to change the wording in their documents to reflect me as the new seller.

Being just a few weeks into the new year and all this happening just before xmas, they say their bank needs a few extra few days to get paperwork property sorted.

Is there merit to their story? Or are they up to something???


-Frank

 

They speak the truth. Change paperwork and holiday season. Nothing untoward.

 

Ah cool,

Thanks for the quick reply..


-Frank

 

It is not unusual for a banks solicitors to have to reissue paperwork. On my last deal they reissued the loan docs 4 times. It took ages. Lucky I wasn't waiting for a settlement.

 

I realise this is a little off-topic but 4 months seems rather quick to finalise an estate.

Did you have to go through probate? I thought it normally takes at least 12 weeks?

The reason I am interested is that I am an EPA myself at the moment and could be doing something similar in the coming months. Your experience is different to my expectations.

 

@kierank 12 weeks < 4 months

 

In NSW, grant of probate takes about 4-6 weeks. prior to lodging application for grant, there's a 2 week period for solicitors to publish an intention of application for probate and thereafter, application can be made. executors normally distribute assets after 6 months period once all assets have been called in. of course, it will be shorter if all assets go to one person rather than different people in different places. yes, the contract has to be amended to reflect you as a vendor. so nothing unusual, just inconvenience with to and fro paper shuffling.

 

I realise that but the 12 weeks was just for probate. Then one has to go through all the other legal BS; a month for this seemed a bit quick.

A friend of mine died in July last year. Pretty simple estate to be divided evenly amongst her three kids. There are no challenges to the Will.

It is now nearly six months since her death and the estate still hasn't been finalised.

Maybe, the process in Qld is more involved/slower/? And just takes more time. My understanding is 6 to 8 months for a simple estate involving probate up here.

 

In a nutshell..... (and my understanding only!)

The property was sold in mums name under an EPA while mum was still alive. Mum subsequently died, hence the change in legal ownership so the sale could finalise. This did not affect the sale as this eventuality was covered in the contract.

The estate and/or probate are not involved in the sale which was conducted under the EPA. Probably the proceeds will have to be paid into the estate and distributed according to the will???
Marg

 

A will is a document of testators wishes, not a statement of financial affairs. There could be outstanding tax issues, liabilities, shares need to be sold etc. executors need to be cautious because they are liable for errors.