Buying & Selling

[Inlimbo]

Hi,

I am in QLD and after much deliberation I decided to buy and sell at the same time with settlement on the same day (late November).

Now that both properties are unconditional I have requested to bring forward the settlement date on both the buy and sell to October. The purchaser of my property has agreed to this but reserves the right to change the settlement date to any date between new settlement date and old settlement date. The vendor of my purchase will not consider changing the date to October unless I waive my right to change the settlement date again, it becomes fixed to October.

If I agree to the vendor's request, what would happen if there is a delay in settlement, would I lose my deposit? Does the vendor have the right to terminate the contract?

Is the safest option to leave the settlement date for late November?

Any thoughts would be appreciated.

 

[Mrs P]

Good topic Inlimbo

Im looking at buying and selling at the moment and am wondering what my best option will be and how lenient the Vendors and purchasers will be if I need to change.


So who can help me with this question.

I want to sell my house then take a long settlement so I can find another. Do I decide on the settlement date as the Vendor or is this used as a bargaining tool? Eg, if someone wants to buy my house would a 4 month settlement be a put off? Any help on this topic is appreciated thank you.

Sorry to hijack your thread Inlimbo

 

[Inlimbo]

Happy for you to hijack..

From my experience, I was told that the vendors were happy to change settlement date, once it went unconditional they have not been so accommodating..... what they say and end up doing are very different.

 

[wylie]

When I read your question, my first thought was to leave things as they are, not fiddle with trying to change dates, especially with two settlements involved.

If something happens, someone will point a finger at you and say "you upset things by wanting to change things around".

Unless it is really important to settle earlier, why not leave things as they are. Nobody can blame you if they stuff up.