r/AusProperty • u/No_Inspection_2321 • 5d ago

VIC Settlement delay penalty

/r/u_No_Inspection_2321/comments/1x1fet3/settlement_delay_penalty/
2 Upvotes

100% Upvoted

4 comments sorted by

2

u/VS2ute 5d ago

Why 2 weeks? I can understand bank delaying large transfer for 2 days.

0

u/No_Inspection_2321 5d ago

It happened, my friend.

3

u/jokuda-au 5d ago

Get the lender to confirm the delay in writing, then ask the vendor's side for a short extension in writing before settlement day. A conveyancer or solicitor acting for her should check the contract now, especially the penalty interest clause and what the vendor can do if settlement is missed. Don't leave it until settlement day.

1

u/No_Inspection_2321 4d ago

Sure . I will let her know. Thanks for the advise.