Comments on: Delayed settlement - buyer’s and vendor’s rights explained.

By: Rebecca

Rebecca — Thu, 17 Dec 2009 03:27:25 +0000

Hi, i am a buyer and the vendor delayed settlement on the property. We were meant to settle on the 20th of Novemeber, however according to our solicitor, he has got until the 16th of December for the property to be settled before we can exit the contract is this correct? We did actually settle on this property yesterday the 16th at 4:45, but i’m really angry at how long the buyer had before he had to settle. During this whole process the solicitor told us that she didn’t think the property would go through and to start looking for another, which we did. We found another property which we absolutely loved and we were hoping the original property would fall through. Unfortuneatly it didn’t and now we have a property we don’t want…
Were feeling really ripped off.
regards
Bec

By: Chris

Chris — Sat, 28 Nov 2009 02:39:29 +0000

Hi Munish,
I am not a lawyer but I’ve heard of cases where people in your situation were negotiating with the buyer to have the contract of sale canceled. You would need to compensate the buyer for expenses he / she incurred up to this moment, such as the building and pest inspection, the property evaluation (their bank will probably make them pay for it if their loan was approved), legal fees they paid, etc. If you don’t have a solicitor, get one and get them to negotiate on your behalf with the buyer’s solicitor.
Good luck, I hope you succeed. Let me know how you go, maybe there’s something else I can do for you.
Cheers,
Chris Lang.

By: Munish

Munish — Fri, 27 Nov 2009 22:37:43 +0000

I have signed contract of sale to sell our house two months back. Settlement is after 7 months.
We both are unemployed and have incurred losses. We want to move back to our house.
Can we request Buyer to cancel the contract. We are ready to pay the fees.
URGENT Reply is requested.