All Topics / Help Needed! / What Happens if a Property doesn’t settle on time?

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  • Profile photo of robbo34robbo34
    Member
    @robbo34
    Join Date: 2010
    Post Count: 3
    September 25, 2010 - 1:43 pm

    I am just wondering what happens if a property doe’s not settle on time? ie:problem with buyers finance,or legals!!!!!

    Profile photo of susie843susie843
    Member
    @susie843
    Join Date: 2010
    Post Count: 16
    September 25, 2010 - 1:48 pm

    There should be a sunset date or your money back!
    http://www.propertyportfoliospecialist.com/2010/09/investment-common-sense/

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 26, 2010 - 10:06 am

    It will depend on the terms of the purchase contract and also what State you are in.

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 26, 2010 - 12:19 pm

    Usually the seller can charge penalty interest and then issue a notice to rescind the contract if they don't settle within a certain time from – usually 14 to 21 days. If settlement doesn't occur by the date on the recission notice then the deposit can usually be kept. If you subsequently sell the property for less you may be able to sue the first purchaser that didn't settle.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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