Sold my unit .. But buyer can't 'settle'. *HEADACHE*

Ta Terry.
I would have also preferred to hand over the stamp duty at that time (rather than about 3 weeks in advance....its a fair whack of money) but he said something along the lines of it would require settlement to occur somewhere else and it would cost us.... anyway....

 

The contract and the transfer need to be stamped before settlement so this would need to happen at the SAI Global office as they are agents of the OSR and can stamp.

 

Ive been in a situation like this before. Offer accepted on a house in Wagga. I usually dont exchange contracts in these areas until I have unconditional approval from the bank. But in this case my solicitor exchanged without my permission.
Finance was already in the pipeline though and the bank was just waiting for the valuation. Val done and the bank declined the loan because the house did not have a stove. Very stressful to try and find more finance with 2 weeks before settlement.
Ended up going 4 weeks past settlement. Will never forget the generosity of the agent/vendor/my broker in trying to sort out the issue. Broker went to another bank, we got a different valuer. The agent was really good, I gavw him daily updates which I think they appreciated. Thousands of dollars of penalty interest, but a cheap lesson to learn. Thankfully the vendor understood the situation and never issued a notice to complete, a favour I will replicate to someone else one day if a genuine situation arises.
The worst thing is my solicitor never accepted responsibility for exchanging early, except blaming me and the broker apparantly because we told her so over the phone.

 

Omg....

 

Good fun.
Hopefully they're not your solicitor any more?

 

Thats correct mate! Gave her the flick for sure. Tried a few conveyancers since and not too impressed. Anyone recommend a good solcitor please pm me!

 

Certus (Daryl from on here) has been pretty good for us in QLD.

 

So, @D'Mo did you finally settle? I'm sitting here with a packet of chips and a glass of coke wondering if your thread has been hijacked. Willing to pay any ransom? lol

 

@datto I was starting to wonder what the thread topic was, anyway maybe they are busy trying to settle, in the mean time.......

Re exchanging, sounds like lack of communication somewhere, no doubt about that. There is a bunch of incompetents around as well, but they cannot exchange if you did not sign, if you want to do things that way, do not sign contract till you have unconditional funds or when ready to exchange or in solicitors office, but many lenders ask for a signed contract at the start.

Anyway, no signature, no stuff up possible.