Hello,
I have a vendor who has delayed settlement indefinitely just days before settlement day after a three month period. I'm in Victoria.
I strongly believe the vendor is trying to get me to pull out so he can sell it to someone else for more money. I will not be pulling out, however I would like to avoid court for now. I have offered to pull out of the contract if I am compensated for the rise in house prices over than last three months, which is around 20k in the area for the same type of property. This is mainly due to Stamp Duty savings rising prices. I have given them the option of settlement or compensation, but they have not responded.
The vendor's solicitor has also ignored all my solicitor's calls and emails every day since he announced the "delay" a week ago.
We have issued a default notice and put a caveat on the property today, which should take effect early next week.
Since the contract is still binding, can the vendor easily remove the caveat? I was wondering if I could simply leave the caveat for months/years until he wises up and settles or offers an incentive for me to pull out. I read some article that says that they can apply then I would have to prove I still need it. Is that true? Can the vendor's solicitor still apply to have it removed even though the contract of sale is still in place? Would they be able to force me to go to court for me to keep the caveat on?
I am hoping that I can just keep the caveat on until he's forced to negotiate with me.
What other tools do I have at my disposal to apply pressure on the vendor to stop playing games without going to the Supreme Court?
Thanks.
I have a vendor who has delayed settlement indefinitely just days before settlement day after a three month period. I'm in Victoria.
I strongly believe the vendor is trying to get me to pull out so he can sell it to someone else for more money. I will not be pulling out, however I would like to avoid court for now. I have offered to pull out of the contract if I am compensated for the rise in house prices over than last three months, which is around 20k in the area for the same type of property. This is mainly due to Stamp Duty savings rising prices. I have given them the option of settlement or compensation, but they have not responded.
The vendor's solicitor has also ignored all my solicitor's calls and emails every day since he announced the "delay" a week ago.
We have issued a default notice and put a caveat on the property today, which should take effect early next week.
Since the contract is still binding, can the vendor easily remove the caveat? I was wondering if I could simply leave the caveat for months/years until he wises up and settles or offers an incentive for me to pull out. I read some article that says that they can apply then I would have to prove I still need it. Is that true? Can the vendor's solicitor still apply to have it removed even though the contract of sale is still in place? Would they be able to force me to go to court for me to keep the caveat on?
I am hoping that I can just keep the caveat on until he's forced to negotiate with me.
What other tools do I have at my disposal to apply pressure on the vendor to stop playing games without going to the Supreme Court?
Thanks.