If you’re new to buying or selling a home or property you may find it a stressful experience. To help reduce your stress levels consider hiring a professional experienced in conveyancing to help you manage the process. Here is one of the frequently asked conveyancing questions answered.
What happens if you are unable to settle on the due date?
If it’s a temporary issue, your conveyancer or property lawyer may be able to negotiate an amended settlement date with the other party. In the event that it’s a serious issue and you are unable to settle at all, the situation is quite different and you’ll need the advice of your lawyer or conveyancing professional.
When the seller is unable to settle: if there is no resolution the buyer may wish to terminate the contract and arrange the return of their deposit. The buyer also has the right to take the matter to court and endeavour to force the seller to adhere to the original contract of sale.
When the buyer is unable to settle: while the approach may differ slightly between states, it’s generally the case that after certain documents have been issued and a set period of time has elapsed, the seller may retain the deposit and put the property back on the market.
There are many issues that can arise during the conveyancing process and it can be helpful to have the assistance of a professional. Call a conveyancer today to obtain a quote for services relating to your property transaction.
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