Is it really that much of concern if the agent put the sign out one day early? does it really make even a hint of difference to your life? I really doubt it.
Well said.
Much ado over nothing.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Having olds in tha family who have lung cancer, kidney cancer, lymph cancer 'n Parkinsons; 'N days yaself when ya just pretty much can't go out 'cause ya prostate dictates ya gotta take a piss every 15 minutes; 'N youngs in tha family ta worry about gettin' inta housing 'n just set up generally; In a nation run by idiot politicians who simply can't resist the temptation to change the rules on everything thereby heightening uncertainty 'n instability; Just could assist in puttin' such life shattering 'calamities' inta perspective?
'N hey, we don't even live in one of tha bits of tha world like Syria or Haiti; That actually would seem ta have some quite genuine problems at tha mo ...
The purchaser can not complete on the scheduled day for any reason and no reason and they have nothing at jeopardy other than a tiny amount of interest. The Vendor then has to give them a notice to complete and only (I think) 10 or maybe 5 business days after that notice is given and completion hasn't occurred the deposit is in jeopardy. The purchaser can settle at any time up to then with very little penalty - nominal at best. If they are an investor purchaser as in the case of this story it would really be no bother.
Actually, I am not "totally wrong".
My Post:
Actually, In a buyers market, vendor is king/queen. - stands true
The agent would be desperate to ensure their commission is safe. They don't want either side to jeopardize it.. it was, clearly, the new rental management agent rather than the selling agent that was responsible for the sign. - stands true
Many years ago, I have had an agent come around on a Saturday to put up some balcony railing as the inspection found it a little of a concern for the buyer... When I told him that the balcony was fine when it was constructed, he offered to temp. fix it up himself. Looked ugly to me, but the buyer was happy. - stands true
The sale of your 1st house can be an emotional thing, often torn. It was a storm in a tea cup, but that is how those kind of emotional events are. - stands true
Can you please explain, how, on the eve of settlement, a purchaser has the legal power to delay settlement without the vendor's approval... my understanding is that their deposit is in jeopardy if they do not have consent to delay. - I believe there is a 10% per year ( 0.15%, or $960 per day on a 500k, property) penalty if the buyer screws around with settlement date after due process has been followed, I am awaiting your full explanation ... just because there are steps to follow before the deposit is lost does not mean it is not in jeopardy... Vendors have far more flexibility than buyers for standard contracts... see below for more detail.
If someone wants to walk away from their deposit, they can probably take a shit on the lawn and walk away... if not, they had better ensure they abide by the contract. - stands true.
The simple fact is that a legally binding contract has been entered, the vendor has rights, as does the buyer, as does the agent... if one of them ignores their responsibilities, they are breaking the contract... if the buyer has a deposit, it is at risk. Agents, and lawyers know the consequences of buyers walking away from a contract, and would walk the vendor through the options if required.
Delayed settlement – from a buyer’s point of view
Buyers need to know that most contracts allow the vendors delay the settlement for 14 days past the settlement date without a penalty. There is a particular clause, which you can easily find – if you know what to look for.
Also, as a buyer, you’d want the contract of sale to specify what you’d like to happen if the vendor delays the settlement beyond those 14 days – in case you decide for the vendor to settle, as opposed to taking him to the court or terminating the contract and claiming back your deposit.
Make no mistake – if a buyer delays a settlement, most contracts of sale make sure vendor’s interests are covered, by charging the buyer default penalty rates. There is a specified period during which the penalty interest rates are charged, and after that it gets worse, as a vendor can cancel the contract and sell the property to someone else. To give you an estimate of costs, I have heard of buyers paying from $1000 to $5000 for a delayed settlement.
I’m sure you won’t like hearing this, but there are even more costs a buyer can incur if they are at fault for the delayed settlement – the conveyancers / solicitors can charge a client extra if the settlement doesn’t go through as planned. Some even would go to the extreme of abandoning clients when things are not going smoothly, and while I wouldn’t wish this to my worst enemy, I still feel that people need to know these things.
Actually, In a buyers market, vendor is king/queen. - stands true
The agent would be desperate to ensure their commission is safe. They don't want either side to jeopardize it.. it was, clearly, the new rental management agent rather than the selling agent that was responsible for the sign. - stands true
Many years ago, I have had an agent come around on a Saturday to put up some balcony railing as the inspection found it a little of a concern for the buyer... When I told him that the balcony was fine when it was constructed, he offered to temp. fix it up himself. Looked ugly to me, but the buyer was happy. - stands true
The sale of your 1st house can be an emotional thing, often torn. It was a storm in a tea cup, but that is how those kind of emotional events are. - stands true
Can you please explain, how, on the eve of settlement, a purchaser has the legal power to delay settlement without the vendor's approval... my understanding is that their deposit is in jeopardy if they do not have consent to delay. - I believe there is a 10% per year ( 0.15%, or $960 per day on a 500k, property) penalty if the buyer screws around with settlement date after due process has been followed, I am awaiting your full explanation ... just because there are steps to follow before the deposit is lost does not mean it is not in jeopardy... Vendors have far more flexibility than buyers for standard contracts... see below for more detail.
If someone wants to walk away from their deposit, they can probably take a shit on the lawn and walk away... if not, they had better ensure they abide by the contract. - stands true.
The simple fact is that a legally binding contract has been entered, the vendor has rights, as does the buyer, as does the agent... if one of them ignores their responsibilities, they are breaking the contract... if the buyer has a deposit, it is at risk. Agents, and lawyers know the consequences of buyers walking away from a contract, and would walk the vendor through the options if required.
Delayed settlement – from a buyer’s point of view
Buyers need to know that most contracts allow the vendors delay the settlement for 14 days past the settlement date without a penalty. There is a particular clause, which you can easily find – if you know what to look for.
Also, as a buyer, you’d want the contract of sale to specify what you’d like to happen if the vendor delays the settlement beyond those 14 days – in case you decide for the vendor to settle, as opposed to taking him to the court or terminating the contract and claiming back your deposit.
Make no mistake – if a buyer delays a settlement, most contracts of sale make sure vendor’s interests are covered, by charging the buyer default penalty rates. There is a specified period during which the penalty interest rates are charged, and after that it gets worse, as a vendor can cancel the contract and sell the property to someone else. To give you an estimate of costs, I have heard of buyers paying from $1000 to $5000 for a delayed settlement.
I’m sure you won’t like hearing this, but there are even more costs a buyer can incur if they are at fault for the delayed settlement – the conveyancers / solicitors can charge a client extra if the settlement doesn’t go through as planned. Some even would go to the extreme of abandoning clients when things are not going smoothly, and while I wouldn’t wish this to my worst enemy, I still feel that people need to know these things.
No you are totally wrong. The costs to the buyer from a delayed settlement are minor.
You used lots of words but you are are still totally wrong.
As a vendor doing stupid things that may jeopardise settlement occurring on time for some perceived petty wrong done to you is beyond stupid.
I bet you are a road rager as well. Blasting the horn and giving the finger for any perceived transgression from fellow motorists because "they need a lesson." Same mentality. One day you'll come across a bigger idiot than yourself and you'll regret it.
No you are totally wrong. The costs to the buyer from a delayed settlement are minor.
You used lots of words but you are are still totally wrong.
As a vendor doing stupid things that may jeopardise settlement occurring on time for some perceived petty wrong done to you is beyond stupid.
I bet you are a road rager as well. Blasting the horn and giving the finger for any perceived transgression from fellow motorists because "they need a lesson." Same mentality. One day you'll come across a bigger idiot than yourself and you'll regret it.
actually, most of it was cut and paste from a website... warning buyers not to screw around with vendors.
so just to be clear, a delayed settlement is not the same as a buyer demanding $2,000 discount and refusing to buy on settlement day... that is where the discussion started.
The vendor can pass costs caused by delayed settlement on to the buyer.. sure, there is a process, but that is the simple truth.
The vendor is entitled to a daily default penalty rate... sure there is a process, but that is the simple truth... hell if the buyer wants to delay for 12 months, they can, but they will in the hole for ~$50,000 on a $500,000 property at the end of that period.
If I was a buyer, and had a deposit that was tied up, the last thing I would be doing is pretending I was in a position of power on the eve of the settlement date, and making demands of $2,000 discount when the time came to hand over the money.... but then, you know it all, so feel free to do so and report back your luck.
You are completely wrong, I am not a road rager at all, having children removes that temptation from many of us ... when they were young, I considered them in the car and set an example, now they are closer to driving age, I consider them and assume that the person in the other car may be learning.
Still, you know it all, so feel free to correct my claims to one that better fits your warped perspective of reality.
actually, most of it was cut and paste from a website... warning buyers not to screw around with vendors.
so just to be clear, a delayed settlement is not the same as a buyer demanding $2,000 discount and refusing to buy on settlement day... that is where the discussion started.
The vendor can pass costs caused by delayed settlement on to the buyer.. sure, there is a process, but that is the simple truth.
The vendor is entitled to a daily default penalty rate... sure there is a process, but that is the simple truth... hell if the buyer wants to delay for 12 months, they can, but they will in the hole for ~$50,000 on a $500,000 property at the end of that period.
If I was a buyer, and had a deposit that was tied up, the last thing I would be doing is pretending I was in a position of power on the eve of the settlement date, and making demands of $2,000 discount when the time came to hand over the money.... but then, you know it all, so feel free to do so and report back your luck.
You are completely wrong, I am not a road rager at all, having children removes that temptation from many of us ... when they were young, I considered them in the car and set an example, now they are closer to driving age, I consider them and assume that the person in the other car may be learning.
Still, you know it all, so feel free to correct my claims to one that better fits your warped perspective of reality.
Yes I know it was a cut and paste.
The vendor doesn't have an extra 14 days if the buyer doesn't agree. The buyer doesn't have extra time either, but it's the vendor who has to sell so they are the party that bends in the majority of cases.
Lots of sales don't settle on time. Vendors make a lot of noise but in the end they accept a delayed settlement.
Take risks - if you win you will become wealthy, if you lose you will become wise
actually, most of it was cut and paste from a website... warning buyers not to screw around with vendors.
so just to be clear, a delayed settlement is not the same as a buyer demanding $2,000 discount and refusing to buy on settlement day... that is where the discussion started.
The vendor can pass costs caused by delayed settlement on to the buyer.. sure, there is a process, but that is the simple truth.
The vendor is entitled to a daily default penalty rate... sure there is a process, but that is the simple truth... hell if the buyer wants to delay for 12 months, they can, but they will in the hole for ~$50,000 on a $500,000 property at the end of that period.
If I was a buyer, and had a deposit that was tied up, the last thing I would be doing is pretending I was in a position of power on the eve of the settlement date, and making demands of $2,000 discount when the time came to hand over the money.... but then, you know it all, so feel free to do so and report back your luck.
You are completely wrong, I am not a road rager at all, having children removes that temptation from many of us ... when they were young, I considered them in the car and set an example, now they are closer to driving age, I consider them and assume that the person in the other car may be learning.
Still, you know it all, so feel free to correct my claims to one that better fits your warped perspective of reality.
You are still wrong and getting wronger. The buyer can't delay for 12 months the seller would have terminated before then but the buyer can delay for the length of the notice to complete at little cost as I originally posted.
The rest of your post is just waffle because you know bugger all.
You should stick to your pointless posts chasing Shadow around the interwebs and don't give people stupid advice to muck around with their house sales.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy