We sold our house just before Christmas with a settlement date of 30/01/2017. The day came and our conveyancer was told the purchaser could not settle. They did not offer a reason. It has still not settled 22 days later. Our conveyancer sent a Notice to Settle but atm we are still waiting with no advice regarding completition. I would appreciate advice and info about our rights? Thank u
Sold our house at Auction but it has not settled
hsk on 21/02/2017 - 23:59
Comments
Doesn't have a solicitor, he/she has a conveyancer.
He/she should get one then!
bikies
Take the deposit and run.
You keep the deposit, as they breached contract, then you resell the property.
and shout us at ozb if you really get that 10%! imagine 10% of $1M house! woohooo
or maybe donation to Scotty and ozbargainhurray free moneys!
Not as simple as that.
You get to keep the 10% deposit?
If they signed the contract of purchase and have failed to settle on the appointed date, you can seek compensation for each day they fail to do so. Have fun!
Thank u ☺
If i was you - i would get solicitor to send the notice of thank you to the previous "purchaser" and say havent settled etc etc…and quickly put it back on market !
Ditch the conveyancer and speak to a lawyer specialising in property. If your conveyancer hasn't taken any action yet, they are useless.
Conveyancers are fine if there are no issues but you really want a lawyer if shit hits the fan.
Fortunately I found a lawyer who will charges a fixed fee and that works out little more than a conveyancer (and in some cases less).
yeah conveyancer is just a budget version of lawyer/solicitor.
just like jetstar vs qantas.
they wont do much really, and tend to avoid extra works.
i bet they will tell you to be patient and wait haha tell them who you are working for? us or them? then sack on the spot.I wouldn't say they are a budget version, cheaper yes, but not as qualified.
Conveyancers are like handymen, they can fix most things or do small jobs. Anything complex or difficult, you need a licenced builder.
House down the road from me sold at auction and the buyer couldn't finance it. They lost their 10% deposit that they paid on the day, and they agreed to pay for the relisting fees involved with reselling/advertising of the property
What's the outstanding balance? Have you already repurchased?
Does the Auctioneer get paid - betcha yes. Who pays him, and the next auctioneer. Comes out of the 10% deposit as does your inconvenience costs. His fail causes you delay to move forward.
The deposit is the bond that says you can come up with the other 90% by said date.
Take the deposit, rinse and repeat.I assume this is a NSW property?
The purchaser has at least 14 days to settle from the date your conveyancer issued them with a notice to complete. This may or may not have elapsed, depending on when the conveyancer actually issued the notice. You would normally have a clause in the contract entitling you to interest as well.
Once the contract is terminated, you will be entitled to the deposit paid, and would also be entitled to either sue for damages, or resell the property and seek the difference in price, extra expenses, etc. In reality you would usually just walk away with the deposit and sell it again.
Any conveyancer should be able to issue a notice to complete and/or termination notice without any issues, it is just if it gets messy after that that they will want to bail.
Notice was sent and 14 days later is 24/2 today Conveyancer has said we need to wait till Monday (27/3)… we have not re-purchased but did put a deposit on a car and as they did not settle on 30/1 as per the contract we lost that. Just getting a little put out by the delay.
Like everyone says, Get a Solicitor. Conveyancing Agents are only fine when everything goes smooth - probably did an 8 week tafe course for their qualifications.
Ask your solicitor.