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Vendor delaying settlement

Discussion in 'The Buying & Selling Process' started by Eggbert, 15th Jun, 2016.

  1. Eggbert

    Eggbert Member

    Joined:
    15th Jun, 2016
    Posts:
    6
    Location:
    Sydney
    Hi I want to see if anyone has had this issue. Obviously we have a property lawyer but I want to here anyones else's experience.

    We bought a house and originally agreed to move in, in 12 weeks due to the vendor needing time to find a house. The vendor bought a place the following week and wanted to change the settlement date to 4 weeks time now which we agreed to. They now want to extend it another 2 weeks and we have handed notice at our rental for that date and will have to move twice which is very inconvenient and costly.

    We have given them an option to pay for our accommodation for 2 week + extra moving cost OR we will give them a notice to complete on the day after the agreed settlement date. This would be enough time for them to take the notice to complete and still get the 2 weeks they needed but it puts them in a risky place if something falls through on the house they are buying

    We did this because the settlement date could keep changing for us due to all the people upstream of us trying to simultaneously align there settlement dates. We are at the end of the chain copping the extra expenses and stress each time one of the buyers changes their dates.

    Has anyone else had and experience like this? What are the possible outcomes?

    Keeping in mind they have exchanged contract on a new place so they will not want to lose their deposit.

    Thanks
     
  2. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,546
    Location:
    Melbourne, Australia
    Whatever was agreed on the contract/agreed in writing afterwards through solicitors.

    Without knowing the full picture my thoughts are if they are unable to settle on the agreed date and you are out of pocket these should be claimed including reasonable accommodation (if required), double movement, reasonable meals (best to rent a self contained unit - need to be living out of your home), storage, etc etc.