Help: Massive penalty for late settlement

[mysterious_guy]

PT Bear, i wasn't aware that there are two set of documents that i had to sign and return. I kept assuring conveyancer and bank that docs had been returned. After spending hours on the phone one day, i was told that second set of documents were sent by perpetual and idiots sent it to the address of land which i bought. I have still got envelop with wrong address which was eventually redirected to my address. After that i kept contacting conveyancer and he assured me everything was going fine but Perpetual notified that my conveyancer had not responded to their 4 faxes sent to request documents.

This is the reason i am feeling absolutely disgusted. At no stage i had any idea how much i was being charged, i ensured that every request by and or coneyancer was actioned within a day and all this happened in the end.

This world is full of greedy people who want to suck every drop of blood they can, this is why the world is going down the drain

 

[Terryw]

PT Bear, i wasn't aware that there are two set of documents that i had to sign and return. I kept assuring conveyancer and bank that docs had been returned. After spending hours on the phone one day, i was told that second set of documents were sent by perpetual and idiots sent it to the address of land which i bought. I have still got envelop with wrong address which was eventually redirected to my address. After that i kept contacting conveyancer and he assured me everything was going fine but Perpetual notified that my conveyancer had not responded to their 4 faxes sent to request documents.

This is the reason i am feeling absolutely disgusted. At no stage i had any idea how much i was being charged, i ensured that every request by and or coneyancer was actioned within a day and all this happened in the end.

This world is full of greedy people who want to suck every drop of blood they can, this is why the world is going down the drain

Why were perpetual faxing the poor old conveyancer about the loan documents? These go direct to the client. A conveyancer doesn't advise on these. Sounds strange.

You agreed, in writing, to settle on a certain date, and you agreed to the penalty interest. It would all be in the contract which you signed. I don't think your last comment fits with this. Who are you calling greedy?

The developer could have been really inconvenianced by your delay in settlement. They could have been up for extra charges in interest because of their loan not being paid back on time. They could have already agreed on a new purchase and this could have delayed their settlement too. Its only appropriate that a contract have penalties like this. Otherwise everyone would dillydally!

One other point. are you sure the penalty is really $5,000?

At $77 per day that must mean your settlement was about 65 days late.

 

[handyandy]

Just to point out.

You are only out $2500 as you would have paid about 1/2 the interest in any case.

Cheers

 

[Rolf Latham]

When someone comes to me for finance the day after getting a completion notice from the developer I tell them

to go to the catholic church down the road for their miracle.........

We can work some magic, but once the NTC is issued the interest clock is ticking fast
ta
rolf

 

[Piston Broke]

I understand Aaron but my case is way different, $5000 for me is almost like $500,000 for you.

Then you should'nt be buying.
If the contract is unfair you dont sign it.
Actually i think 5k is a cheap lesson, many people pay much more to learn this lesson:
Read the goddam contract
Infact read everything on anything you sign, if it's important enough to you.
If it doesn't matter, just sign away.