We have recently brought a property. Contracts were signed and at the request of the seller an early settlement was agreed. Since then it has been every week for the last 4 weeks with last inspection and settlement supposedly taking place. The last 4 weeks at the last minute the seller has made some excuse why he cant settle. We believe he thinks he has sold his property too cheaply and now interest rates have come down quickly he is hoping we will get fed up and rescind the contract. Which we dont want to do. The property has tennants in who have already paid their rent to Feb 08.
I Know through speaking with a lawyer, under the Contracts in New South Wales there are special conditions that allow each side to issue a notice to complete. The effect of this is that it extends settlement by 17 days. At the end of that time the property has to be finalised or the party that issued the Notice to complete can terminate.
Has anyone had experience with this? Has anyone any ideas on how to get settlement, or is our contract not worth the paper its written on??
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