what are the legal issues?

[artemis]

a friend of mine was meant to settle today but the vendor's bank brought the wrong title to settlement and thus settlement has been delayed until next week. her solicitor informed her that she may have to pay the rescheduling fee and settlement fee.

is that correct? surely the vendor's solicitor and bank should of been prepared.

btw, this has left me a little unsettled given it's my settlement on monday and i still haven't heard from my mortgage broker.

 

[TheCamel]

I would say that's the vendors fault, and your friend should make their solicitor enforce the payments for late settlement.


Re your situation - call your broker tomorrow morning, first thing.
Or, better yet, call tem on their mobile now.


GL with both

 

[artemis]

thanks camel.
i just contacted my friend and told her. hopefully her solicitor will do the right thing by her.

my mg, she has gone away for the weekend with her new love. obviously her mind has been preoccupied.

i have no choice but to sweat it out until monday.

 

[TheCamel]

make sure you let us know the outcome of both

 

[chrispy]

This happened to me except mine was a Queensland Govt mortgagees repossession sale!!! So when the govt official turned up with the wrong title, the whole repossession had to start all over again as the repossession had been done against the incorrect property. It was in Cairns and we had flown up expecting to move into the property the day after settlement to renovate, we had taken holidays etc. The settlement had to take place in Brisbane so there was considerable costs for the organisation of the settlement.

This taught us a valuable lesson, wait until the property is yours before making plans!! It took a couple of weeks for the whole mess to be sorted and I had to pay the settlement fees twice. We were able to negotiate with the vendor to lease the property for a week so we could paint but this could only be done after they had served the repossession papers on the correct property.

Chris

 

[artemis]

i'll keep you up to date with all her gory love details.
actually when i was going for my driver's licence, the examiner had just been away with his new found love, and passed me even though i had hit the post whilst parking.

 

[artemis]

chris, how horrid for you and your family.
did the qld govt pay for your additional costs?
the cost of flying itself is high enough let alone losing your annual leave.

 

[chrispy]

No, in fact the original contract was cancelled. I had to put in the offer again, I might add I sweating at that time, as I had got it at a bargain price and was terrified the original owner would pay up outstanding debts and I would miss out!!!

I had to pay all costs plus work like hell to get done 2 weeks work in one. It did mean we got a week's holiday that we would not have had

We had to cut corners to get it painted in time, the biggest problem was lining up carpet layers, airconditioning installers etc., but it all came together about 5 minutes before we flew home.

I was annoyed with the solicitor, as I believe the details could not have been correct and he should have picked it up on the title search. I changed solicitor after that.

Chris

 

[Kristine..]

a friend of mine was meant to settle today but the vendor's bank brought the wrong title to settlement and thus settlement has been delayed until next week. her solicitor informed her that she may have to pay the rescheduling fee and settlement fee.

is that correct? surely the vendor's solicitor and bank should of been prepared.

btw, this has left me a little unsettled given it's my settlement on monday and i still haven't heard from my mortgage broker.

Hi Artemis

What has your mortgage broker got to do with settlement?

Don't you mean your Solicitor or Conveyancer?

Or do you mean something as basic as that you haven't signed loan documents yet?

Bit puzzled but you probably have your parties mixed up!

Cheers

Kristine

 

[artemis]

kristine,

my mg delayed my settlement by not getting the loan documentation in.
she happens to be having a wild affair with my solicitor so he won't be chasing after her.

so if i have mixed the two parties up, can you blame me?

 

[letiha]

hhhhmmmm i'm sure there are some issues with you solictors and brokers relationship...especially with the distractions