am interested if anyone has any knowledge, first-hand experience, basically anything that can point me in the right direction.
We purchased an investment property (signed and paid deposit) back in April, with the settlement to be in early June. It's now mid-August and there is no sign of settlement happening at all!
Last I heard is that the sub-division permit (?) has been delayed, that's what I heard mid June. My convenyancor has been hopeless and the communication from them is infrequent and vague ("nothing new yet, haven't heard anything"). Yes, I already regret not getting a solicitor to deal with this, we don't buy properties every day and this was done on a recommendation. It is what it is now.
I guess my point is that I am now getting a bit worried about why would this be delayed for so long and why did the builder have the home almost complete back in April if not all permits were issued?
Does anybody know whether I have any chance on simply cancelling the purchase on the grounds that the settlement is taking too long. Surely, there must be some "common sense" limit, they can't drag this for another year, can they?
Thanks to anyone who can provide some advice or experience!
p.s I will probably go and pay for some advice from a real solicitor, but just wanted to get some "background" information first.
am interested if anyone has any knowledge, first-hand experience, basically anything that can point me in the right direction.
We purchased an investment property (signed and paid deposit) back in April, with the settlement to be in early June. It's now mid-August and there is no sign of settlement happening at all!
Last I heard is that the sub-division permit (?) has been delayed, that's what I heard mid June. My convenyancor has been hopeless and the communication from them is infrequent and vague ("nothing new yet, haven't heard anything"). Yes, I already regret not getting a solicitor to deal with this, we don't buy properties every day and this was done on a recommendation. It is what it is now.
I guess my point is that I am now getting a bit worried about why would this be delayed for so long and why did the builder have the home almost complete back in April if not all permits were issued?
Does anybody know whether I have any chance on simply cancelling the purchase on the grounds that the settlement is taking too long. Surely, there must be some "common sense" limit, they can't drag this for another year, can they?
Thanks to anyone who can provide some advice or experience!
p.s I will probably go and pay for some advice from a real solicitor, but just wanted to get some "background" information first.
As an investor I would be very happy for settlement to be delayed, that gives me more time to find a tenant and tie up any loose ends.
As for the delay, I'm only guessing because you don't have full details, but there are two things it could be. You mentioned a subdivision so it could be that the plan of subdivision hasn't yet registered, that needs to happen before the title can issue, and until that issues nothing can happen.
The other issue it could be is the local authority issuing a final completion notice needed to allow the inhabitation of the house you built. Again without that (which is also dependant on the issue of the title) the deal cant be settled.
These things happen from time to time, it's not at all unusual. You can hire a solicitor to look at this for you, but your conveyancer should be able to do the job. Why not contact the vendor and ask them when title will issue and all permits in place, they should have an idea.
Take risks - if you win you will become wealthy, if you lose you will become wise
am interested if anyone has any knowledge, first-hand experience, basically anything that can point me in the right direction.
We purchased an investment property (signed and paid deposit) back in April, with the settlement to be in early June. It's now mid-August and there is no sign of settlement happening at all!
Last I heard is that the sub-division permit (?) has been delayed, that's what I heard mid June. My convenyancor has been hopeless and the communication from them is infrequent and vague ("nothing new yet, haven't heard anything"). Yes, I already regret not getting a solicitor to deal with this, we don't buy properties every day and this was done on a recommendation. It is what it is now.
I guess my point is that I am now getting a bit worried about why would this be delayed for so long and why did the builder have the home almost complete back in April if not all permits were issued?
Does anybody know whether I have any chance on simply cancelling the purchase on the grounds that the settlement is taking too long. Surely, there must be some "common sense" limit, they can't drag this for another year, can they?
Thanks to anyone who can provide some advice or experience!
p.s I will probably go and pay for some advice from a real solicitor, but just wanted to get some "background" information first.
I suggest you make an appointment to see the "developer" and just have a list of questions.
Does your contract have an out clause?
Could you post up the contract and we can read it?
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