Conveyancing Settlement

Discussion in 'The Buying & Selling Process' started by pasmonte, 26th May, 2020.

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  1. pasmonte

    pasmonte Member

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    Just wanted some thoughts on how long it should take from the day of settlement to receiving funds from conveyancer to the seller
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    It should be transferred same day
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Unless they post a cheque. :rolleyes:
     
  4. pasmonte

    pasmonte Member

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    They did bank cheque's, from settlement to clearance of cheque's was 32 days???
     
  5. pasmonte

    pasmonte Member

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    I assume they are earning interest on the money they are holding
     
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    It should be in a trust account so no interest.
     
  7. Trainee

    Trainee Well-Known Member

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    That makes no sense.
     
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    How can a bank cheque take 32 days to clear?
     
  9. qak

    qak Well-Known Member

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    What's the date *on* the bank cheque?

    From that you can try and work out whether the conveyancer was holding the money or the cheque, it was lost in the mail; ... or something else
     
  10. Trainee

    Trainee Well-Known Member

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    And the date of the bank deposit.
     
  11. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Could the conveyancer have given then bank check to the sellers and the sellers chose not to present it to the bank for a number of days to explain the delay?
    Which side of the transaction are you on?
     
  12. pasmonte

    pasmonte Member

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    No,
    Cheque took 5 days to clear, took them 3 weeks to deposit the cheque!!
     
  13. pasmonte

    pasmonte Member

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    I am the seller
     
  14. TMNT

    TMNT Well-Known Member

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    that makes no sense whatsoever
     
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  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Your conveyancer took 3 weeks to deposit your seller's proceeds bank cheque into your account?
    Sorry for reiterating/questioning, I am trying to understand the reasoning behind your questions and what may happened to give a logical answer.
    With many settlements being electronic these delays wouldn't have happened. I am unsure how non electronic settlements which normally require physical presence have been conducted at the moment due to COVID-19.
    Did your conveyancer give you any information about how your settlement was conducted and if there would be any delays, for example did they say that due to social distancing that they wouldn't be present so would need to wait for the bank cheque to be mailed to them? I would have thought a courier would have been used though
     
  16. Trainee

    Trainee Well-Known Member

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    Isnt the point of paying the seller by bank cheque that the bank cheque is sent to the seller?

    otherwise the seller should just provide bank details for transfers.

    in this case it sounds like the conveyancer got the bank cheque then deposited into the sellers account? Which doesnt make sense at all.

    as with so many of these admin issues, some preparation would have prevented it. Just settle by bank transfer.
     
  17. pasmonte

    pasmonte Member

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    conveyancer received electronic funds, they had to distribute to three separate accounts, and deposited cheque's. I received no memos from them that were any delays for any reason, I had to hound them repeatedly to get the funds off them
     
  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    make a claim for the interest you lost on them holding on.
     
  19. pasmonte

    pasmonte Member

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    thank you