Most painful settlement experience

[channon]

Hi guys, just bought a house, which finally settled after 4 cancelled settlements and almost 7 weeks after when the house was supposed to settle.
However, went through the most painful settlement experience
House in Queensland

1st attempt - vendor bank would not release title due to x-coll
2nd attempt- vendor broker forgot to order valuation on the house I am purchasing (dont know why they need to do so) so vendor bank still not ready
3rd attempt- vendor bank wanted to take the 10% deposit as well but vendor solicitor forgot to tell the selling agent to release funds, so shortfall
4th attempt- vendor solicitor forgot to book discharge
5th attempt- 12pm - shortfall in settlement (vendor side), 3pm - still shortfall by like $100 (vendor side), 4.45pm - finally settled as vendor solicitor asked to take the $100 from their fee and reissue cheques!!!!

Lucky I wasnt charged any additional settlement fees

Share your painful settlement experiences

 

[impala67]

I see a pattern there - "Vendor side".

My settlements have all gone ahead okay, however afterwards one time I had a poor conveyancer who didn't pay council rates & b/corp as per disbursements.

My settlement a few weeks ago in QLD was tame in comparison to your example. The bank stated to have the settlement run smoothly they paid the extra few hundred as I was under quoted for transfer duties and the bank sent me a letter advising on X day they will debit X amount from X account.

 

[Peter_Tersteeg]

There's many arguments for avoiding cross collateralisation, but this is the one we most commonly see. The vendor has cross collateralised their portfolio which led to other properties requiring revaluation and refinancing when they sold. This can get bad to the point where the vendors bank refuses to allow the property to be sold at all.