Need help with settlement process?

Hi All,

So recently purchased a property in Newport VIC. There was a two lot subdivision and at the time of sale the allotment was untitled and was advised from the agent that the process to complete would be relatively quick.

At the time of signing we decided on a 3 month settlement to give the vendor time to submit the plans to council, however he decided to only submit 3 weeks out from originally scheduled settlement date of 18th July. We are currently in an awkward position as we are now told by the bank that if the settlement doesn't take place prior to the 26th then we need to re-apply the loan.
I want to now know what my rights regarding cancellation of the contract of getting a deposit back if the bank decides to not give us another loan. Up until this point I have completed all relevant paper work, paid the deposit and all this stalling has been caused by the vendor delaying submitting the title to the council.

Anyone have advise on where I can go to get assistance as I feel my solicitor isn't willing to provide relevant assistance in this area.

Thanks in advance

 

It would depend on what is in the contract.

Are they a solicitor or a conveyancer?

Has something about your situation changed which makes you believe the loan won't be approved?

Do you actually want to go through with the purchase assuming that you can get the finance?

 

Where did you find this solicitor? Are they a conveyancer or solicitor?

 

I still want to go ahead with the contract, however I'd like to know my rights if my financial position was to change for example, lost my job or changed to a different job with different income. I have no idea how long this process is going to take to have the title registered as it is sitting with council at the moment.

I am using a conveyancer but isn't providing me with really helpful updates.

 

If you haven't entered a contract yet, then you have the right to negotiate this.

Ditch the conveyancer and get a lawyer.

 

+1 for this.

If you want a local property lawyer let me know.

 

Un

Unfortunately I've already entered into the contract however looking into the contract there may be a sunset clause which will allow me to exit the contract after 90 days if the title hasn't been registered with the land titles office. Could use some recommendations on lawyers if it gets to that stage?

 

Ron Cohen
Principal
+613 8600 9333
[email protected]
tlfc.com.au
Level 2, 333 Queen Street
Melbourne, Victoria, 3000

Ron has gotten quite a few of my clients out of a sticky situation (that is when they come to me after the fact...).

Ron is a specialist property lawyer, he'll be able to help.

 

Thats how subdivisions work unfortunately, you should have known the implications before entering.

The approvals might take months, be prepared for a couple of renewals.


Regards