First Home Buyer House Settlement Issue

LGilly89 on 08/09/2020 - 12:17
Last edited 08/09/2020 - 13:32 by 1 other user

Hi everyone - In Victoria i bought the house and now vendor is trying to step back finding vague reasons and has came up with 3 different reasons at different occasions .

i have given deposit and all the paper work is done from our side - i have 2 kids under 5 year old.

Place i am leaving is already rented to someone else and my settlement is due in 2 weeks and still not sure if vendor will agree to settle .

Please suggest you review what i can do in this case.

I dnt want to step back — At 1 occasion vendor actually ask my lawyer to pay more if i want to settle , sort of threatening us .

Its my first home …….

Home & Garden

Comments

  • holdenmg on 08/09/2020 - 12:20
    +17

    What does your Lawyer say?

    • jjjaar on 08/09/2020 - 12:24
      +7

      This. You are paying your lawyer for help with this process. This is one part they are supposed to help with.

      • DannyC on 08/09/2020 - 12:40

        Agreed, this is what you are paying for.

    • forrester on 08/09/2020 - 12:27
      +13

      Gilly89, welcome to Ozbargain.
      Fortunately, as Australia's most popular bargain community, we have lawyers waiting to assist with this matter. Please hold on the line, the next available lawyer will be connected with you shortly…

    • brokenglish on 08/09/2020 - 12:30

      Wa-pa-pa-pa-pa-pa-pow!
      Hatee-hatee-hatee-ho!
      Tchoff-tchoff-tchoffo-tchoffo-tchoff!

      Member Since 22 hours 59 min ago

      • ssquid on 08/09/2020 - 13:03
        +5

        Username checks out.

      • [Deactivated] on 08/09/2020 - 13:17
        +1

        Why are you trolling?

      • rompastompa on 08/09/2020 - 15:07
        +1

        Lawyers are as cunning as foxes?

        • brokenglish on 08/09/2020 - 15:17

          Naturally! Otherwise you need to change your lawyer.

    • Gilly89 on 08/09/2020 - 13:27

      Lawyer said its win win case but we need to got to court which can cost upto 15K and will take 6 to 9 months …which i dnt want to do because than i have to find other place to live and more money wasted when i could have been living under my own new home

      • Donaldhump on 08/09/2020 - 13:37
        +1

        if you win they pay your fees

        • Gilly89 on 08/09/2020 - 13:41

          Agreed but vendor already saying she is not financially stable -how will she pay all that fee after -this is what my lawyer warned me for

          • Donaldhump on 08/09/2020 - 13:54
            +2

            @Gilly89: oh well she will go bankrupt.
            find out the reason, if she has a house must have some equity

            • Gilly89 on 08/09/2020 - 14:56

              @Donaldhump: Didnt know that —does this means that he or she has to sell something to pay those fees

              • Donaldhump on 08/09/2020 - 15:04
                +1

                @Gilly89: of course, bankruptcee trustee likely just get it all.
                id sue the f*** out of them, if she has just changed her price.
                thats not how contracts work

          • TilacVIP on 09/09/2020 - 08:49
            +1

            @Gilly89: From the proceeds of the sale she agreed to and originally signed for. Besides, it's not your concern how she pays.

  • PissLUR on 08/09/2020 - 12:20
    +6

    whats your kids gotta do with this house settlement issue? why bring it up?

    • dcep on 08/09/2020 - 12:22
      +2

      Place i am leaving is already rented to someone else

    • Xistn on 08/09/2020 - 12:30
      +9

      sympathy vote.

    • Gilly89 on 08/09/2020 - 13:28
      +1

      Kids because if i will be single i could have gone to some hotel after my lease finish and cant take risk with kids in this covid-19

      • brad1-8tsi on 08/09/2020 - 17:54
        +2

        The kids are immaterial to the issue and at the least risk from COVID.

        Why guild the lilly?

        PS: your solicitor needs to step up and earn their money

        • exp1 on 09/09/2020 - 17:06

          "The kids are immaterial to the issue"

          are you seriously going to dismiss the fact that the OP needs to think about their kids prior to pursuing legal action? the decision risks multiple moves/alternative housing arrangements. do you know what that involves?

          • brad1-8tsi on 10/09/2020 - 23:45

            @exp1:

            are you seriously going to dismiss the fact that the OP needs to think about their kids prior to pursuing legal action? the decision risks multiple moves/alternative housing arrangements. do you know what that involves?

            I have 2 children and I have moved house 10 times and purchased 5 properties over the years. I have a bit of a clue what's involved and what solicitors should do to earn their fee. I'm also pragmatic.
            There are these great things called serviced apartments that (especially now) really want your business. Any good removalist will have short term storage.

            I'm simply over people that have a legal issue and think their problems are so much worse than others because they have kids.
            boo-effing-hoo.

      • whooah1979 on 09/09/2020 - 05:10
        -1

        Children are statistically less likely to be affected by Rona.

        Including them in the Op is a cheap shot.

        • exp1 on 09/09/2020 - 17:07

          dismissing people's kids is a cheap shot. clearly it's important to factor in your kids when thinking about living arrangements and how it will change over time.

    • exp1 on 09/09/2020 - 16:58

      are you serious dude? understanding the potential impact on your family/children is a critical decision making factor on whether to proceed with legal action, especially if you risk multiple moves/alternative housing arrangements as you wait for an outcome

      this is the lowest EQ question I have ever seen on this forum

  • Wickz on 08/09/2020 - 12:32
    +5

    Please talk to you Lawyer / Conveyancer about this issue, as this is exactly what you are paying them for. They can advise the best course of action based on the conditions in the signed contracts….. I really hope you have a contract with the sellers signature on it…… have you read your copy to see what (if any) exit clauses are in there?

    • Gilly89 on 08/09/2020 - 13:34

      Contracts where signed by both sides and without any conditions —-means settlement should happen no matter what happens.

      • hoey888 on 08/09/2020 - 13:55
        +1

        If buyer delays settlement then $$$ payable. If vendor delays, no $ penalty as its written in their favor. Go through contract and you'll know what I mean.

        I previously bought a VIC property which was delayed by about couple of months. This was a deceased estate sale where the executors/beneficiaries didn't have documents sorted. Backwards and forwards blew out to couple of months. This was investment property, so we weren't concerned about the delays.

        If it was so important to have property by a certain date, a condition of sale should have been put in to accommodate/compensate for out of pocket costs.

        • Gilly89 on 08/09/2020 - 14:57

          Thanks Hoey888

  • Headless on 08/09/2020 - 12:42

    Unfortunatly things like this happen frequently.

    My settlement date was pushed out three times due to no fault of me, and the third time I got charged for it

    None of the 3 parties involved from my side thought to ask me for my bond on my first purchase in vic, so I could not transfer it to anyone when the last settlement date occured, despite providing all evidence under the sun it was just sitting there and a promise from the conveyancer that it was there.

    Bank charged me an extra month of penalty interest and delayed settlement for another 4 weeks…

    Sht happens

    • ssquid on 08/09/2020 - 13:10
      +1

      Do you mean the deposit? A bond is a temporary amount paid when renting that you get back (hopefully) when vacating.
      The deposit should have been paid well before settlement, when you signed the contract of sale.

      • Headless on 08/09/2020 - 13:18

        Sorry yes my mistake, I meant deposit

    • Gilly89 on 08/09/2020 - 13:29

      Thats bad man —- how could vendors to this -if they make up the mind to sell the property
      than just settle it …

  • TheBilly on 08/09/2020 - 12:50
    +2

    3 different reasons at different occasions .

    I think there is some important information here you need to divulge before getting to the … "would somebody think about the children" comment.

    You can't just not settle, there is a process you follow under the contract.

  • netjock on 08/09/2020 - 13:28
    +3

    If you have a signed legally binding contract unless the delay is from your side then the vendor has to settle.

    Since they are going to leave you nowhere to live, tell them you are going check into a decent hotel and deduct the amount from the settlement.

    • Gilly89 on 08/09/2020 - 13:31

      Well thats what my lawyer is saying too i am just stuck in this without any fault from myside.

  • kasumi on 08/09/2020 - 13:36

    What were the reasons for delaying settlement or not settling? If all contracts are signed and cooling off period has lapsed, then both the vendor and purchaser legally must settle. Your lawyer would tell you what your options are.

    • Gilly89 on 08/09/2020 - 13:39

      Lawyer has told this —- vendor 1st said she is financially not good than 2nd time vendor said she gave birth to baby and 3rd time she said her property is sold for less price even though its been 3 months now.
      vendor came up with all these reason just in last month before settlement

      • brokenglish on 08/09/2020 - 13:52
        +2

        Looks like your vendor is auditioning for Home and Away.
        Jokes aside I think you'll be alright. At least you've got $ to buy a house .__.
        Good luck~

      • whooah1979 on 09/09/2020 - 05:16
        -1

        Who in their mind would agree to wait three months to settle?

        A long settlement date leave more room for either parties to change their mind.

        • Quantumcat on 09/09/2020 - 08:23
          +1

          I think that's pretty normal, there's a lot of paperwork that needs to be done beforehand.

          • Logical on 06/10/2020 - 22:26

            @Quantumcat: I have had a 14 day settlement before with no problems at all…..

  • Gilly89 on 08/09/2020 - 13:37

    vendor is asking 20K more for property…..my lawyer told them we will seek specific performance and i already have caveat on property.

    • Donaldhump on 08/09/2020 - 14:35
      +5

      you will win in 5 seconds in a law suit, she will pay you the difference, and your legal fees.
      milk it for all money and stay in a hotel for how ever long. the vendor is f****** halfwit.

      • netjock on 08/09/2020 - 16:31
        +5

        Agreed. Start sending them a quote for court fees, legal fees and also temporary accommodation fees. It will get them moving pretty quickly.

  • holdenmg on 08/09/2020 - 16:02
    +4

    To me, it sounds like Vendors regret.
    You might find your Lawyer can swing them around.

  • Seni0r El Cheapo on 08/09/2020 - 21:59
    +4

    You sound like a kind hearted person.

    Unfortunately the world likes to eat kind hearted people in breaky.

    If vender is having financial issues, family issues, they should have considered it before signing the legal document. By looks of it, they are clearly trying to play you for their interests.

    Don't go soft on them - protect your interest.

    Talk to your lawyer, and protect your interest. Do not even think about paying a single penny more then whats written in the document.

  • Gilly89 on 09/09/2020 - 23:48
    +3

    Thanks all for your suggestions —my lawyer has sent final email to vendor lawyer to tell us decision by Friday after that he will send writ to her layer to take them to court.
    Its just bad people who dnt even think what it will be like for first home buyers who go out in market with soo many hopes.

    If anyone else has gone through court process please tell me how long it has taken and what was the outcome !!!

    • sistermay on 10/09/2020 - 10:07
      +1

      Chances are, if your vendor has lawyer representing her, he would have informed her of all the possible added on costs for her "non performance". If she is already in financial strife, this will make less money available to her and if her lawyer does his job, he would have told her it is better for her to settle on time as she has no legs to stand on once she front court. Your lawyer would have given you the option of sending her side a strong worded letter that you require them to settle on time and your side will turn up on settlement date for settlement, if her side doesn't turn up on the day then you can sue them for "specific performance" and you sue them for the extra costs incurred by you caused by her non performance.
      In the meantime, if you are concerned, talked to your rental agent to see if the new tenants can move in a week later, yes you might be up for another week's rent but it is better than no where else to go if vendor is crazy enough to not settle on time. You would then have time to look for other rental, or put your furnitures in storage and live with relatives for a short period of time before you found your next accommodation. Good luck.
      p.s. I work in a law firm although in Brisbane not in Melbourne but I believe the same principles apply.

  • Seni0r El Cheapo on 06/10/2020 - 16:16

    So, how did it go?

    • Gilly89 on 07/10/2020 - 00:12

      we back up —vendor said she will give her house to bank as she said if we taker her to court she will go bankrupt..

      had enough headache,not worth…

      • Ughhh on 07/10/2020 - 00:26

        she will go bankrupt..

        I think she/they're playing you. Playing poor is a convincing strategy.

      • Seni0r El Cheapo on 07/10/2020 - 01:00

        Damn. You are way too soft!
        At least recover your legal fee.. have you?

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