Vendor delaying settlement but no compensation for buyer?

Viewing 6 posts - 1 through 6 (of 6 total)

auror
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@auror
Join Date: 2009
Post Count: 6
January 15, 2009 - 2:06 am
My parents, who are currently renting, about to move into their PPOR on settlement day.
The vendor has requested delaying settlement by 3 weeks so that they have enough time to move into their newly purchased place (they are simultaneously selling and purchasing).
Given that my parents are currently renting, is it OK to ask for some compensation when agreeing to delay settlement (eg. 3 weeks rent)?
There is no clause for compensation written in the contract. My parents are wondering why if they delay settlement, they pay 10% penalty interest to the vendor but nothing happens if it's the other way round!!
auror
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@auror
Join Date: 2009
Post Count: 6
January 15, 2009 - 3:07 am
bump?
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 15, 2009 - 3:17 am
Best to talk with your parents solicitor. It is a bit rude being told you have to wait an extra 3 weeks to move in – that is not what was agreed to. What would have happened if they had already given notice? You parents could have been with nowhere to go for 3 weeks!!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
auror
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@auror
Join Date: 2009
Post Count: 6
January 15, 2009 - 3:22 am
I know! it's totally rude (luckily my parents hadn't given notice yet). It seems to me that a compensation of rent would be fair (I just don't know about the legal part). Their solicitor is unfortunately a bit useless – uncontactable on an overseas business trip. That's why I'm asking here…
Thanks, terryw!
auror
Participant
@auror
Join Date: 2009
Post Count: 6
January 15, 2009 - 3:22 am
I know! it's totally rude (luckily my parents hadn't given notice yet). It seems to me that a compensation of rent would be fair (I just don't know about the legal part). Their solicitor is unfortunately a bit useless – uncontactable on an overseas business trip. That's why I'm asking here…
Thanks, terryw!
Playa Chicken
Member
@playa-chicken
Join Date: 2004
Post Count: 128
January 15, 2009 - 4:37 am
If that happened to me I'd be stomping my feet and flapping my lips!!!
Definitely kick up a fuss!!! You can be sure if the shoe was on the other foot they'd have their hand out for late penalty fees!!
Maybe time to find a decent lawyer who understands who he's working for too.
Good luck
Vicky