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Settlement delayed no reason specified?

Discussion in 'The Buying & Selling Process' started by psylence, 5th Nov, 2015.

  1. psylence

    psylence Member

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    16th Jul, 2015
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    Location:
    NSW
    I am buying my first investment property in Victoria and we were all ready to go with settlement date and time then my conveyancer called me on the day saying that the owner's conveyancer called them saying that it will need to be postponed but not giving any reason or any date or time as to when it can be rescheduled other than saying their bank isn't ready? My conveyancer was also surprised and they said this isn't common. Kinda weird since im the one buying, I didn't think they would have to do a great deal. Anyone come across this before?
     
  2. MRO

    MRO Well-Known Member

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    18th Jun, 2015
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    163
    Location:
    Perth
    The property could be xcol for another loan and the bank is questioning security value on the remaining property.
     
  3. spludgey

    spludgey Well-Known Member

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    18th Jun, 2015
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    Sydney
    I know that there's usually a clause in the contract that the vendor can charge the buyer a nominal interest rate for delaying settlement, but I'm not sure if it works the other way around as well.
    If it does, I'd charge the vendor if the delay it's more than a few days. If it's 3 or 4 days max, then I personally wouldn't bother though.

    And I think you can get your solicitor to issue them a "notice to complete" if you feel so inclined. I'd get your solicitor to ring the vendor's solicitor back and find out the specific reason.
     
    Perthguy likes this.
  4. Azazel

    Azazel Well-Known Member

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    18th Jun, 2015
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    Brisbane
    It happens. My last one they wanted a long settlement, then they were in a hurry, we got delayed, then we were ready, then they delayed. Odd.