What happens if the vendor is unable to meet the settlement date? (Queensland)

Hi Everyone

We are buying a PPOR in Queensland.  We are due to settle on the property on Friday, however the vendors seem to have had a problem sorting out the paperwork and so are looking for an extension on the settlement date.  So I am trying to find out what my rights are.  My solicitor has advised that we grant the extension on the condition that we can still take posession of the property on Friday.  She thinks it is unlikely that they will allow this though.

So what are our options?  What happens if we refuse to grant the extension?  Are there any other options available to us?

Any advice would be great before I next speak to my solicitor.

Thanks

Rudi