We are in a rare situation. We have an unconditional contract for a vacant block of land that was due to settle on Jan 16. The Vendor's bank hold the title and weren't ready to settle on Jan 16. This was the beginning of an extended settlement which still hasn't happened.
Since then we have heard that the vendor owes more to the bank than the agreed contract amount (about 30k more) so the bank is not happy to settle for obvious reasons.
So 6 weeks later we still haven't settled and now the vendor is not returning calls from his lawyer.
Has anyone come across this situation before? Apparantly the only way to force a settlement is to go to the Supreme Court!
I have already spent about 6k preparing a DA for 3 units on the site.
The upside is that holding costs are being postponed but it would be nice to move on with the DA now that it has been prepared.
Since then we have heard that the vendor owes more to the bank than the agreed contract amount (about 30k more) so the bank is not happy to settle for obvious reasons.
So 6 weeks later we still haven't settled and now the vendor is not returning calls from his lawyer.
Has anyone come across this situation before? Apparantly the only way to force a settlement is to go to the Supreme Court!
I have already spent about 6k preparing a DA for 3 units on the site.
The upside is that holding costs are being postponed but it would be nice to move on with the DA now that it has been prepared.