Jump to content

Property settlement issues...


  • Please log in to reply
10 replies to this topic

#1 Taffabella

Posted 15 January 2013 - 06:16 PM

Hi,

I really need some advice. I have no idea where to go or what to do.

Firstly, let me deal with our most immediate problem.

We are the buyers of a new property which was due to settle on Jan 21. Issue is, our conveyancer (who knew this) has some how pushed out the settlement of the house we are selling until Feb 28.

As of today, the vendor of the house we are due to buy on Jan 21 have accepted our request for belated settlement, however are requesting penalty interest and legal fees are incurred by us.

What I really need to know is what we can do to avoid paying penalty interest? As a vendor, would you be willing to accept rent and no legal costs for 1 month?

What else would you (as a vendor) be willing to accept as compensation for delayed settlement?

________


Secondly, we are in Victoria. Does anyone know how I go about taking legal action for the recovery of any such compensation costs to the vendor against a conveyancer who wrecked the settlement date of the house we are selling in the first place? Is there a government body (like an ombudsman ) that deals with these situations?

Please help. Kind of urgent.

Thanks.

#2 Sassy Dingo

Posted 15 January 2013 - 06:25 PM

As to the first question it can't hurt to ask them if they'd accept.

As to the second, if it is a legal firm you can complain to the states legal services commissioner.

Here is the link to the legal services commissioner for Qld.

http://www.lsc.qld.gov.au/complaints

#3 GeminiSix

Posted 15 January 2013 - 06:50 PM

You need to call Consumer Affairs Victoria for advice in relation to your conveyancer.  Their website states that all licensed conveyancers need to hold professional indemnity insurance.  Here is some information from the CA website

Consumer Affairs Vic


#4 JRA

Posted 15 January 2013 - 07:36 PM

I would not give an inch on something like this, but of course you can try

They will probably need to pay two mortgages etc for that time, they deserve compensation as you guys have screwed them around.

Now if your lawyer pushed your other settlement out, why did they do that? Why did you agree to it? Surely they didn't do it without asking.

#5 Escapin

Posted 15 January 2013 - 07:41 PM

I would go back to your lawyer and say you agreed Jan 21, and it better be Jan 21 or you'll be hitting him/her up for costs...

#6 libbylu

Posted 15 January 2013 - 07:44 PM

Perhaps it would be cheaper for you to settle on the original date (21st Jan) and get bridging finance yourself to cover you for the period between when the house you bought settles and when the house you have sold settles. It might be easier to attempt to recoup these costs from your solicitor when you have clearly had to pay them (to the bank), rather than your costs being compensation to a third party.

Find out what the vendors are asking for in compensation and get a quote for bridging finance for yourselves and see which works out cheaper.

#7 Taffabella

Posted 15 January 2013 - 08:47 PM

Thanks I will contact our bank about bridging finance.

As to how all of this happened in the first place - the conveyancer looked over a purchase contract for a property that was tenanted until Feb 28th on our behalf.

We didn't buy that property (or even put an offer in) but somehow she has taken it as an indication we needed to move settlement date and requested it.
The people buying our house did not advise before Christmas on the extension of settlement and when we spoke to the conveyancer she told us to keep to the original contract date if we were to purchase over the Christmas period (which we did).

Anyway very long story with what has followed, we are not impressed, but need to sort out settlement first and deal with compensation after we've sorted it.



#8 Tobias'smum

Posted 15 January 2013 - 08:56 PM

long story short if agent delayed settlment when banks other party ready then they can wear the cost .

In wa we have set terms and conditions re penalty interest. An agent shouldnt be able to do that with out your written consent



all the best



#9 rob6712col

Posted 16 January 2013 - 02:05 PM

If you have the same conveyancer for  your sale and your purchase and they were aware that the purchase relied on the sale and then they still changed the settlement date of your sale then the conveyancer needs to pay the fees for late settlement. If you have not signed anything to change the settlement then I would not be paying a thing. The rent and penalties for the purchase will come out at settlement. Advise your conveyancer that they will be paying them. From the vendors point of view you could ask if they would just take rent but if it was me I wouldn't.  Has the conveyancer contacted the people buying your home and told them they have made a mistake and would like to bring the settlement forward? Even if it was brought forward by a couple of weeks then at least the penalties would be less.


#10 Shellby

Posted 17 January 2013 - 05:40 PM

QUOTE
when we spoke to the conveyancer she told us to keep to the original contract date if we were to purchase over the Christmas period (which we did).


This bit I don't understand - did you know of the 28th Feb date before you purchased this house - if so why didn't you make your purchasing contract the same date instead of 21st of January?

If you did know that your contract for selling had changed and happened before purchasing and signing the contract for the house your buying I can't see the conveyancer being the one in the complete wrong except for not pointing out before you signed the contract that the settlement date is before your settlement date for selling or you did you sign the contract before having them look over it and discuss it with you?




#11 ellebelle

Posted 18 January 2013 - 03:48 PM

We don't know enough about the vendor of the property you are buying to say on what terms he might negotiate. I wouldn't stuff them around though if you really want the property as they can also just shut down the process and sue you for not settling as per the contract if they are really disagreeable.

I'm not really uhnderstanding your version of events - the conveyancer would surely have put all this in writing to you before confirming with another party?




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

Toddler freed after getting trapped in escalator

A shopping centre escalator needed to be pulled apart to free a toddler's trapped hand.

Why I'm kind of excited about my daughter's nits

Is it weird to say that I am secretly thrilled to find that my daughter Edie has nits?

Baby born at 10:11 on 12-13-14

Well, it's actually 13-12-14 to us over here. But still, Clare Elizabeth Keane's consecutive numerical birth time is pretty special.

On holding tightly and loving fiercely

We can't live in fear. This post is about Christmas and how at this time we should be celebrating life and grateful for what we have: our loved ones who we cherish fiercely.

Babies, relatives and coping with Christmas day

Everyone will love your baby but your baby may not be so happy to be passed around a lot of new people - nor may you want to feed with an audience.

Why I won't be posting pictures of my baby on Facebook

There are pros and cons to this policy.

The myths and truths of gender swaying

Here are a few popular methods hopeful parents-to-be use to try to get a baby of their preferred gender – and what an expert says about whether they really work.

10 easy DIY Christmas decoration ideas

It's officially time to get into the Christmas spirit. Why not branch out when you put up your tree this year and add a personal touch with a few DIY decorations? We've found the perfect easy-to-make ways to put more festive fever into your home.

The dangerous new trend of glucose challenge test refusal

A dangerous trend is seeing more mothers-to-be declining a relatively simple and painless test to check for gestational diabetes.

Office of Fair Trading reveals naughty toys ahead of Christmas

The Office of Fair Trading has pulled seven toys from shelves ahead of Christmas after they fail safety tests.

Video: Baby boy's trouble with twins

These twin girls will no doubt have fun fooling people in years to come, but nobody will be as confused as baby Landon.

Long-term reversible male contraceptive on its way

Men could soon have access to an injectable long-term contraceptive which works in a similar way to a vasectomy but promises to be easily reversed.

'I tried to kill my baby': one mum's story

After bathing and dressing her three-month-old son, Amanda had a rare moment alone with her baby.

Attack of the 'mummy brain'

I feel that almost every day, someone in my life - be they a friend, family member or complete stranger - feels the need to excuse my behaviour as I have other things on my mind.

Mum of baby who fell ill after drinking raw milk speaks out

A Melbourne mother has described how her son turned grey when he became seriously ill after drinking raw milk.

Australian divorce rate lowest since 1976

Modern newlyweds are now well into their 30s and marriage still offers something powerful a new book argues.

The aftermath of a traumatic birth experience

In Australia, 30 per cent of women find their birth experience traumatic, with 6 per cent going on to develop post traumatic stress disorder (PTSD).

Young mum burns 'from inside-out'

A young mum is in intensive care after she took a friend's antibiotic and wound up with an ailment that is burning her body 'from the inside-out'.

The disagreement that can break a relationship

If he doesn't change his mind, all I can hope is that I will. It would be a waste to spend the rest of my marriage mourning a baby that never was.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Co-sleeping or no-sleeping? Mum videos worst nap ever

One mother's futile attempt to sleep in caught on camera in a hilarious - and very cute - video.

Why children misbehave during the festive season

While we all like to imagine the holiday season as being a fun, loving and bonding experience; often our reality is quiet different.

I was fat-shamed by my doctor

The fear of being weighed is the most significant factor in women cancelling medical appointments - and now weight-shaming has happened to me.

End of an era: no more childcare

As we reach the end of 2014, we're closing the book on many things for another year, most notably childcare. Our last child has attended childcare for the very last time.

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

The 7-year itch is more like the 10-year itch: study

Contrary to popular belief, making it past the seven-year mark doesn't mean your marriage will be smooth sailing from there on.

Should children be forced to sit on Santa's lap?

We teach kids it’s okay to say no if they don’t feel safe, so why do some parents force their children to climb in to Santa's lap?

Stop telling us that parenting gets harder

I’m sure that parenting will get harder. But life isn’t exactly smooth sailing for many of us right now, either.

Baby born weighing almost 14 pounds

Yes, the bouncing baby girl was born by caesarean section. And mum says no more kids.

The dummy debate

I'm the first to admit that when I used to see tiny babies with dummies in their mouths, I thought "Hmm, lazy parenting." And now I apologise.

'I thought I was an only child'

Imagine meeting your double at a school sports event, or regularly being mistaken for someone you haven't met. Separated twins Margaret and Joy tell their story.

Carers admit to force-feeding children

As Sydney grieves the loss of Sydney siege victims Katrina Dawson and Tori Johnson, reports have suggested that both died as heroes.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.