I am studying conveyancing and I have been acting for my friend C on the purchase of a house at Gosford. The house is a beautiful old character home which is a bit run down but which C plans to restore. The elderly man who lived in the house has moved to a Retirement Village. C purchased at auction on 4 July for $450,000.00 paying a 10% deposit at the auction. The contract is the standard Contract for Sale of Land with no added conditions.
C is relying on funds due from an inheritance to have sufficient funds to complete the purchase which is due on 4 August.
Due to delays in receipt of her inheritance, C is not able to complete the purchase on 4 August. On the afternoon of 5 August I receive by fax from the vendor’s conveyancer, R, a notice to complete appointing settlement at 3.00pm on 12 August.
I contact C that day and she tells me that she now expects to have her inheritance by 15 August and asks if settlement of the purchase can be deferred to 16 August. I have phoned Roger on 6 August to seek an extension. R’s assistant, E, tells me R has that morning flown to New Zealand to visit a sick relative and she is not sure when R will be back. E tells me she thinks that an extension to 16 August should be OK. I have sent R a draft settlement figures for 16 August asking for cheque details and confirmation of the time and venue for settlement but receive no reply to this.
On 12 August C phones to say that a claim has been lodged against the Estate by a family member left out of the will so the estate funds cannot be distributed and it is likely to be some time before she gets her inheritance. She says she has now applied for finance but her bank has told her the bank won’t be able to settle before 1 October !!
C also mentions that she visited the property that morning and found that the house was still full of the elderly owner’s furniture and effects. The agent had told C that the vendor’s family were supposed to sort through and remove everything but had not done so.
On 13 August I received from R by fax a notice that the vendor has terminated the contract due to C’s failure to settle on the essential date of 12 August set in the Notice to Complete and that R has instructed the agent to pay the deposit to the vendor.
Help please, as this is all rather confusing.
C is relying on funds due from an inheritance to have sufficient funds to complete the purchase which is due on 4 August.
Due to delays in receipt of her inheritance, C is not able to complete the purchase on 4 August. On the afternoon of 5 August I receive by fax from the vendor’s conveyancer, R, a notice to complete appointing settlement at 3.00pm on 12 August.
I contact C that day and she tells me that she now expects to have her inheritance by 15 August and asks if settlement of the purchase can be deferred to 16 August. I have phoned Roger on 6 August to seek an extension. R’s assistant, E, tells me R has that morning flown to New Zealand to visit a sick relative and she is not sure when R will be back. E tells me she thinks that an extension to 16 August should be OK. I have sent R a draft settlement figures for 16 August asking for cheque details and confirmation of the time and venue for settlement but receive no reply to this.
On 12 August C phones to say that a claim has been lodged against the Estate by a family member left out of the will so the estate funds cannot be distributed and it is likely to be some time before she gets her inheritance. She says she has now applied for finance but her bank has told her the bank won’t be able to settle before 1 October !!
C also mentions that she visited the property that morning and found that the house was still full of the elderly owner’s furniture and effects. The agent had told C that the vendor’s family were supposed to sort through and remove everything but had not done so.
On 13 August I received from R by fax a notice that the vendor has terminated the contract due to C’s failure to settle on the essential date of 12 August set in the Notice to Complete and that R has instructed the agent to pay the deposit to the vendor.
Help please, as this is all rather confusing.
