Background
House up for sale. Buyer looks at house, (24/5/17) vendor slack in accepting offer. Offer accepted after agent asks for $10,000 more than offer. Week goes by. Vendor still does not reply so threat of dropping offer to agent happens. Vendor accepts offer. After two weeks, Contract drawn up. Vendor again slack in signing. At the same time buyer engages NSW licensed conveyancer and has building inspector check over house. Building inspection report received. Copy sent to buyers Conveyancer but she doesnt read the inspectors report and just files document. One thing that is discovered by building inspector is house needs a floor waste in bathroom. Cracks in some walls and need to be repaired. Two weeks go by and buyer told that vendor hasnt got back to her solicitor. Buyer told we could have signed a week earlier, and we waive the 5 days cooling off period. Buyer told vendor hasnt got back to her solicitor again. Once the contract agreed the 42 days start. This makes the settlement date 26/7/17. Buyer asks for early settlement and advised that a penalty applies if we settle early. So accommodation, storage and pet boarding costs increase for buyer. Flood report received from local council and it is discovered that the house is in a flood prone area. As contact is now unconditional what rights does buyer have about the faults in house.
House up for sale. Buyer looks at house, (24/5/17) vendor slack in accepting offer. Offer accepted after agent asks for $10,000 more than offer. Week goes by. Vendor still does not reply so threat of dropping offer to agent happens. Vendor accepts offer. After two weeks, Contract drawn up. Vendor again slack in signing. At the same time buyer engages NSW licensed conveyancer and has building inspector check over house. Building inspection report received. Copy sent to buyers Conveyancer but she doesnt read the inspectors report and just files document. One thing that is discovered by building inspector is house needs a floor waste in bathroom. Cracks in some walls and need to be repaired. Two weeks go by and buyer told that vendor hasnt got back to her solicitor. Buyer told we could have signed a week earlier, and we waive the 5 days cooling off period. Buyer told vendor hasnt got back to her solicitor again. Once the contract agreed the 42 days start. This makes the settlement date 26/7/17. Buyer asks for early settlement and advised that a penalty applies if we settle early. So accommodation, storage and pet boarding costs increase for buyer. Flood report received from local council and it is discovered that the house is in a flood prone area. As contact is now unconditional what rights does buyer have about the faults in house.