Hi to all you great minds
Currently selling property in NSW with an unconditional contract. Let the purchaser set completion date 26/08/09. Agreed to earlier settlement after contract signed of 25/08/09. Both days have now come and gone. REA is holding 10% deposit (or he had better be as the contract states 10% has been paid). No good reason for the delay in settlement given, in fact, difficulty to actually ascertain what is happening. My solicitor has been told that purchaser has arranged one loan to purchase two properties, the second now with some hold up and the finance company will not split the loan. Today the purchaser's conveyancer (not solicitor) advised mine that they now want to settle Friday next week. I hve instructed my solicitor to issue a Notice to Complete within fourteen days with time being of the essence.
Have already invoked penalty interest at 10% on outstanding balance. It's not critical to sell, however, I want to buy another property without getting into finance again. This time for retirement. I am more than prepared to terminate the contract and keep the deposit.
Comments please, have I done the right thing or not..
Currently selling property in NSW with an unconditional contract. Let the purchaser set completion date 26/08/09. Agreed to earlier settlement after contract signed of 25/08/09. Both days have now come and gone. REA is holding 10% deposit (or he had better be as the contract states 10% has been paid). No good reason for the delay in settlement given, in fact, difficulty to actually ascertain what is happening. My solicitor has been told that purchaser has arranged one loan to purchase two properties, the second now with some hold up and the finance company will not split the loan. Today the purchaser's conveyancer (not solicitor) advised mine that they now want to settle Friday next week. I hve instructed my solicitor to issue a Notice to Complete within fourteen days with time being of the essence.
Have already invoked penalty interest at 10% on outstanding balance. It's not critical to sell, however, I want to buy another property without getting into finance again. This time for retirement. I am more than prepared to terminate the contract and keep the deposit.
Comments please, have I done the right thing or not..
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