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VIC Delay in Land Settlement - Are They Liable to Pay?

Discussion in 'Property Law Forum' started by Lawrieth, 29 June 2015.

  1. Lawrieth

    Lawrieth Active Member

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    The Property Developer set date for land settlement but the convayencer informed us that they will be delayed 1 /2 days as title of land not clear, money's owed, and now a couple of extra days at this stage, would they be liable to pay interest for delay on settlement?
     
  2. Tracy B

    Tracy B Well-Known Member

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    Hi Lawrieth,

    It depends on whether "time is of the essence". So, I would look to the sale and purchase agreement. Does the contract provide for damages or interest if there is delay in settlement? If you incur damages as a result of late settlement (e.g. rent) then you may be able to claim compensation for this. But again, the first place to look is the contract to see if this is already accounted for in there.
     
  3. Lawrieth

    Lawrieth Active Member

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    Thanks Tracey, this issue has been solved, the bank had to delay settlement due to they could not find title, so when settlement had taken place they agreed to pay any costing due to late settlement on witch they did..
    Happy Vegemite

    Thanks
     
  4. Tracy B

    Tracy B Well-Known Member

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    Glad it has been resolved and you are happy with the outcome. Thanks for updating us Lawrieth!
     

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