Hi all plz help we are confused
We bought a house in a block no.19-21 which has just been subdivided so house no 19 is our property.
Settlement is gonna be on friday but issue is that we found the vendor's builder still hasnt built a carport on the house we bought as per requirement of the subdivision by the council. My solicitor said the we probably have to settle anyway as we bought the house 'as it is'.......
Vendor was informed anyway and he said he still wants the settlement to happen on this Friday but in exchange is willing to have 10K held back in my solicitor's trust account until the carport is done.
Another issue is that we had the approval from bank with all loan docs signed returned all ready to go back in ~May but then the title for the house no.19 wasnt released to the vendor until the 4th Aug and the bank wasnt able to settle after 14days when the settlement should take place as we had to sign and return the loan docs etc again, so two days delay and the vendor charged penalty interest for that which is ~250.
I am undecided as should I still settle on Friday or have the carport built first to avoid any potential issue with the council... If we elect the 2nd option should we still be charged of that penalty interest? as we thought the 14 days settlement term on the contract is not applicable anymore then?
THX FOR UR HELP
We bought a house in a block no.19-21 which has just been subdivided so house no 19 is our property.
Settlement is gonna be on friday but issue is that we found the vendor's builder still hasnt built a carport on the house we bought as per requirement of the subdivision by the council. My solicitor said the we probably have to settle anyway as we bought the house 'as it is'.......
Vendor was informed anyway and he said he still wants the settlement to happen on this Friday but in exchange is willing to have 10K held back in my solicitor's trust account until the carport is done.
Another issue is that we had the approval from bank with all loan docs signed returned all ready to go back in ~May but then the title for the house no.19 wasnt released to the vendor until the 4th Aug and the bank wasnt able to settle after 14days when the settlement should take place as we had to sign and return the loan docs etc again, so two days delay and the vendor charged penalty interest for that which is ~250.
I am undecided as should I still settle on Friday or have the carport built first to avoid any potential issue with the council... If we elect the 2nd option should we still be charged of that penalty interest? as we thought the 14 days settlement term on the contract is not applicable anymore then?
THX FOR UR HELP