Can a Vendor refuse to settle?

Hi all
I’m in NSW. We are meant to be settling in 6 days and vendor has said he wants to delay the settlement for another 14 days because he hasn’t found another place.
The settlement was 3 months long and if he hasn’t found a place in 3 months, I doubt he will now. He has been in this house for last 20 years so I get that he is comfortable and may not want to move out.

We can’t delay because we have sold our property and settling at the same time.

The market has increased significantly since we bought and I feel he may be thinking of pulling the plug here.

My questions

• Can a vendor refuse to settle?
• Do I have any rights?
• I know there is no compensation. But I don’t care. I want the property. Can I still get the place vacant? Ever?

 

Have you talked to your solicitor and looked at what the contract says about this?

 

As @Trainee said, talk to your solicitor.

 

Other similar comments here
Advice needed: Vendor delaying settlement

Have your solicitor serve notice to settle.
You could offer to agree to an extension of settlement if you are financially compensated (costs of furniture storage, with local hotel accommodation costs and inconvenience compensation payable by the vendor).

 

Yes
Yes - sue for specific performance.

 

Yep - she said we have to first try and say no and see what happens. But you have to give them the extension.

 

Ok that’s a ray of hope. Whatever I have researched says you can get your deposit back and that’s all. But doesn’t what happens if the vendor does not settle at all.

 

practically this is usually what happens

 

I find it a little ridiculous that there is nothing protecting the purchaser as such. Specially in a Sydney market where prices increase every month.

 

Maybe. But we need to move out of our own place. We have sold and settling at the same time.

 

You have entered a contract which is enforceable, but what could you have otherwise done?

 

As long as it is enforceable I am fine. I just want to make sure they don’t back out.

 

Qld has rules that vendor pays for damages etc. Nothing in NSW.

 

It is, but would you want to risk going to the supreme court to try to enforce it? Would be very costly

 

Its all contractual.

 

So what do I do? Just let them keep the house if they don’t vacate?

 

That is something you would take legal advice on and then make a decision.

 

Did you use a conveyancer or solicitor?

 

You can't serve a notice to complete until 14 days post-settlement date. So the vendor has already given the heads-up that settlement will be delayed.