Settlement Delay!

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mick64
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@mick64
Join Date: 2012
Post Count: 45
November 26, 2012 - 11:15 pm
Mystery,
I think it could drag on indefinitely, however my tenant cant wait forever!
But you are correct it is costing the vendor interest charges daily.
Mick
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
November 26, 2012 - 11:32 pm
What about penalty interest for you Mick?
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
mick64
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@mick64
Join Date: 2012
Post Count: 45
November 27, 2012 - 5:50 am
Great news property settled today, carpets and stove professionally cleaned but still need to spend $5-600 to get it to where it was at exchange. I will put this down to an education.
Terry, no mention of penalty interest …..can you elaborate on where that may have come into play?
Thanks Mick
PLC
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@plc
Join Date: 2012
Post Count: 400
November 27, 2012 - 1:51 pm
Mick,
It would be there in the contract of sale, most likely under a section titled default.
Comes into play when the purchaser delays settlement. Can be quite expensive.
Cheers
Tom
PLC | Phoenix Loan Consulting
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Melbourne based Mortgage Broker | Making Finance Simple
mick64
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@mick64
Join Date: 2012
Post Count: 45
November 28, 2012 - 5:00 am
Thanks PLC,
Luckily it didn't apply in this case as both solicitors viewed the vendor as delaying the settlement.