Settlement date bought forward by vendor

I bought a newly built townhouse as PPOR on 14th April and went on Holiday. At the time the lot wasn't registered and the title wasn't ready. The vendor's have applied for it. The contract of sale says

SETTLEMENT (general condition 10)
is due on the 10th day of June 2018
unless the land is a lot on an unregistered plan of subdivision, in which case settlement is due on the later of:
• the above date; or
• 14 days after the vendor gives notice in writing to the purchaser of registration of the plan of subdivision;
• 14 days after the vendor gives notice in writing to the purchaser issue of the Occupancy Permit.

Now the title has been registered and the vendor's solicitor contacted my conveyancer and asking for settlement on 16th May. I came back on Monday and have the loan offer paperwork from the bank which I planned to complete this weekend. But now my broker is suggesting to hurry up given I got the settlement notice today evening.

I am not ready as I thought the settlement day is 10th of June. What can I do? I will ask my conveyancer tomorrow to stick to the original date. Where do I stand legally? Should I contact the selling RE agent as well?

 

If you made a typo in the year and it's actually 2019, I would tell the conveyancer that you don't agree with the proposed variation to the contract and will stick to agreed terms.

 

June is not at option, the land was untitled and the vendor has provided the requisite 14 days notice.

If there are no penalties (depends on the contract), then miss settlement date and they must serve a notice to complete.

 

Assuming youve typed it correctly, i would ask about the phrase “the later of”.

 

Simply seek legal advice, and in the meantime get the loan documents signed and lodged. You still have plenty of time left.

 

It's most likely a standard OTP contract the developer has been using since two or so years ago, the 2018 is not a typo and the OP has two weeks to settle as agreed.

OP can default, get a rescision notice from vendor and still settle within 14 days after original settlement date with little penalty.

Or even better ask the seller for a reasonable settlement extension without penalty, they agree most of the time.

 

Sorry the date was typo, should be 2019

 

Land tax?

 

Good news, my conveyancer has apologised and now fixed the settlement to the original agreed date of 10th June.