what would you do

I made an offer which was accepted with the finance condition (4 weeks), and settlement 3 weeks after finance unconditional approval;

finance approval came in 3 days after offer acceptance (yeah I know...)

the seller docs were found not "perfect", so they asked to push back 2.5 weeks on the settlement to sort docs out

now, I am not in "need" to get in the new property, but this would mean that I need to pay my current rent for 2.5 weeks longer.

I know I have rights, but I do feel a tiny bit mean to either refuse the push back or ask for covering 1k of extra rent... I acknowledge that I was lucky with the loan in any case

what would you do?

 

If you refuse the pushback wouldnt it be worse if you only found out settlement didnt happen on the day?

 

I assume you would save interest on 2.5 weeks. What did your solicitor say?

 

If you refuse and settlement is delayed any claim you made would be limited to interest costs only. I don't believe your rent would be recoverable. Not worth the effort especially given that you know delay is inevitable.

 

Allow push back on condition they cover your extra rent loss . That's their fault, not yours.

You have nothing to lose and your in a stronger negotiating position. If they actually refuse ( which I doubt) then at least you tried. Of course you'll allow them to push back if they refuse.

But trying won't hurt.

 

https://www.commerce.wa.gov.au/sites/default/files/atoms/files/propertysettlementfactsheet.pdf

Delay in settlement

If the seller is ready to settle, but the buyer cannot settle on or within three business days of the agreed settlement date, the buyer is liable to pay penalty interest to the seller. Interest is calculated on a daily basis on the balance of the purchase price and other money due to be paid on settlement, and is charged from the original settlement date. The rate of interest is set down in the General Conditions.

Similarly, if the buyer is ready to settle and the seller causes settlement to be delayed for longer than three business days, the seller must pay compensation on the balance of the purchase price from the original settlement date. The amount is calculated daily at the interest rate set down in the General Conditions and may be deducted by the buyer from the money owed.

 

Thank all for the replies
I really appreciate your input

 

I would give the extension. Too hard to enforce. You would only say no if you decided you did not want to sell.

 

just take legal advice and consider it. I would probably give them a short extension, depending on their attitude.

 

Ok, I tried the purchase price reduction based on my current rent (solicitor email), but the seller did not agree with some stories... So, on a compassionate ground, we accepted the extension, with request to access the property for reno quoting, and to get council approved plans so reno design can be started, somehow.

We will see how it develops...