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QLD Early Property Settlement - Verbal Agreement?

Discussion in 'Property Law Forum' started by buckweet, 23 February 2015.

  1. buckweet

    buckweet Active Member

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    Greetings. I have sold my unit in Bethania, Queensland. With a 150 day settlement. The real estate agents told me I could settle earlier if I wanted. My conveyancer agreed, the sooner the better for the property settlement. I submitted my release of mortgage documents to my mortgage company, the settlement date, Jan 21, 2015.

    This day kept being brought forward, as the buyer was allegedly selling a property to buy mine. There was a settlement day booked in on Feb. 6, but not in writing by the buyers representatives, but oral discussion.

    Last week, (one month on) I was informed the buyer used monies from property he sold, and applied it to another property, so now there is an indefinite delay. Buyers representatives tell mine they will keep me posted. My solicitor says there is nothing I or we can do as the contract date of Settlement is April 27, 2015 and they are acting within their rights to delay and dishonor my requests for early settlement and Both parties meed to agree to an early settlement.

    I am wondering if the verbal agreement of settlement on Feb 6 holds any weight. I understand sometimes verbal constitutes some form of contract.

    I am highly inconvenienced by the ignorance of the buyer. Any suggestions on how to precipitate action thanks :)

    With appreciation
    Buckweet
     
  2. Sophea

    Sophea Well-Known Member

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    Hi Buckweet,
    I am not an expert in this area, but I very much doubt that you would be able to enforce an early settlement if it was not agreed to in writing by both parties. The 150 day settlement is in writing on the original contract and so that is likely what will stand until altered in writing.
     
  3. Rod

    Rod Well-Known Member

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    What Sophea said.

    If a contract is in writing, then agreed variations also need to be in writing.
     
  4. buckweet

    buckweet Active Member

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