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What happens if the buyer cannot settle on time?

Like any contracts, once signed, both parties have an obligation to settle the contract by the appointed date. If the buyer is not able to do so, then generally you as the seller can enforce your rights against the buyer. This means that you would be able to claim penalty interest and damages caused by the buyer due to the delay. You can only claim reasonably foreseeable loss and have an obligation to mitigate loss when making a claim.

In any case, noting that settlement date is practically an important to the parties because they are likely to have shaped the few weeks of their lives around the settlement date, it is important to also consider the practical impacts of a delayed settlement and do what is required to put it back on track. This may involve some investigation on the delay to understand the root cause. If you are uncertain on what to do during this type of scenario, you should consider engaging a conveyancing lawyer to help you through the situation. Better yet, make sure you engage a conveyancing lawyer who can help to reduce the chances of a delay to settlement by pre-empting problems before they become one.

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Our Recent Reviews

Emma Gibson Avatar
Emma Gibson
29 May 2024
Nicholas Tsau was great to deal with - pleasant, efficient and helpful. The vendor's real estate agent told me there had been last minute challenges on settlement day, but Nicholas made the process seamless.
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sharn mcaulley Avatar
sharn mcaulley
10 May 2024
The 5 stars is for Nicholas, he was a pleasure to deal with, very knowledgeable and done a great job keeping me informed on my purchase. I did deal with someone else for the selling of my house, this was a different experience and not nearly as good.
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Mia Bowyer Avatar
Mia Bowyer
10 May 2024
You guys are amazing. I wanted to say a huge thank you, especially to Caleb. I was under a huge time pressure and Caleb worked super hard while also retaining a very high quality of work and dilligence. He didn't let any details slip and helped me to pick up a lot of things in the contract. HIGHLY RECCOMEND!!!
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