Sorry Guys…not sure if this is the correct forum area…but….
Here is my scenario,
My lawyers have informed me that due to the passing of a Vendor proprieter, the Vendor's lawyers need to request a form 'grant of probate' in order to complete settlement.
Unfortunately this means they have requested and extension of settlement by 3 weeks.
I have discussed this with my lawyers and I am requesting the ability to be able to acquire full access and renovate the property from the date of the original settlement (3 weeks prior to the new settlement post extension approval).
The property is being financed by ANZ Bank and all approvals, FHOG, accounts and mortgage contracts have been signed and completed.
Is there any known ramifications or concerns i should have in the above scenario.
All assistance is much appreciated.
Cheers,
MichaelIf the settlement doesn't finally occur the vendor could get a free renovation from Michael.
You need to talk with your lawyer about a clause that covers the cost of your completed or part completed renovations being re-embursed from the vendor should the settlement not occur.
Or think about holding off the renovations until the settlement day occurs.isnt there a clause that indicates if either party dies the contract can be voided? If so, and you reno, what security do you have that the property will indeed settle?
MickThe purchase is a bit more complicated, as the Vendor is through State Trustees.
My understanding is that the State Trustees sells on behalf of the client and is liable for the transfer. In the case that the proprieter of the property dies, the state trustees is still liable.
Am i on the right track here?
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