If you are looking to purchase property, but the vendor refuses to settle the deal, you are not alone. The property market in Victoria is very uncertain and the issue of the loss incurred by the vendor on re-sale is likely to be tested by defaulting purchasers. The defaulting purchaser will scrutinize the circumstances and may challenge the efforts of the vendor to obtain the best price possible. However, you do not have to give up hope yet. Read on to find out how to deal with a vendor who won’t settle your property dispute in Victoria.
In one such case, a purchaser turned up at the vendor’s solicitors at 4pm, without a financier. By 5pm, the financier had arrived and the purchaser had bank cheques. They failed to settle the sale, and the purchaser’s solicitor ejected them. The vendor’s solicitor explained that the contract of sale had been revoked as the purchaser had not complied with the stipulation mezoka.
A vendor who won’t settle may opt to extend the time to settle. If the delay is more than a month, the vendor may choose to charge penalty interest. The buyer may also choose to postpone settlement until the default is fixed. If the seller doesn’t resolve the default, the buyer can sue for damages and/or obtain specific performance. Alternatively, the vendor may issue a Notice of Completion. The latter allows the buyer additional time to settle.