Property Settlement Delays


What should I do if the seller or the seller's bank is postponing the settlement date. They need extension time to settle because they could not get their act together with organising title etc. They had 2 months to get ready.

Are they liable for any penalties?
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Depends on what people agree on ... I'm now 2 business days past when my place was supposed to settle and have no idea what is going on ...
It also depends on your jurisdiction - in WA settlement can be delayed for up to three days with no penalty applicable on the person delaying settlement.

Why don't you check with your conveyancer? They're the ones you've paid to tell you this stuff ;)