Hi All
I was wondering if someone can help me or give me an advice as i almost suffered a heart attack today.I signed up for a block of land end of last year and was told that settlement is due sometime in September. I paid the deposit and knew loan approval won't be a problem so i kind of waited for vendor (government org) to contact me and when they contacted me, i was given 15 days. I contacted me conveyancer straight away and asked him to get the docs ready. In the mean time applied for a loan and received approval within 15 days. Somehow the documents by Perpetual were sent to wrong adddress and i kept waiting and finally we signed up everything in about 3 weeks time. Perpetual contacted my coneyancer who again didn't repond for more than 2 weeks and further delays occured.
End result is that i have been told today that i will need to pay $5000 in interest penalties at the rate of 15% as the delay was for 65 days. I had absolutely no idea how interest is charged and how long should it take for my coneyancer to prepare these documents etc etc.
I think it's totally totally unfair as $5000 penalty will totally ruin everything for me as the settlement could be further delayed so i can arrange etc $5000 and i can end up even losing deposit of $21000.
My penalty comes up to around $77.00/day and i have proof that Perpetaul sent documents to wrong address. I didn't even know those documents were sent to me and we lost 2 weeks in this. Can i ask for a refund of $1000??
Additionally my coneyancer didn't respond to document requests for upto 2 weeks, can i ask him to pay penalty then???
Can someone please please help
I was wondering if someone can help me or give me an advice as i almost suffered a heart attack today.I signed up for a block of land end of last year and was told that settlement is due sometime in September. I paid the deposit and knew loan approval won't be a problem so i kind of waited for vendor (government org) to contact me and when they contacted me, i was given 15 days. I contacted me conveyancer straight away and asked him to get the docs ready. In the mean time applied for a loan and received approval within 15 days. Somehow the documents by Perpetual were sent to wrong adddress and i kept waiting and finally we signed up everything in about 3 weeks time. Perpetual contacted my coneyancer who again didn't repond for more than 2 weeks and further delays occured.
End result is that i have been told today that i will need to pay $5000 in interest penalties at the rate of 15% as the delay was for 65 days. I had absolutely no idea how interest is charged and how long should it take for my coneyancer to prepare these documents etc etc.
I think it's totally totally unfair as $5000 penalty will totally ruin everything for me as the settlement could be further delayed so i can arrange etc $5000 and i can end up even losing deposit of $21000.
My penalty comes up to around $77.00/day and i have proof that Perpetaul sent documents to wrong address. I didn't even know those documents were sent to me and we lost 2 weeks in this. Can i ask for a refund of $1000??
Additionally my coneyancer didn't respond to document requests for upto 2 weeks, can i ask him to pay penalty then???
Can someone please please help