Did you know…

What happens if and when Settlement of a Property is Delayed?

Buyer Delay – If for any reason not attributable to the Seller, Settlement is not completed within 3 business days after Settlement Date, the Buyer must pay to the Seller at Settlement, interest on,                                                                                                                                                             a) the balance of the purchase price                                                                                                                                                                                               b) any other money payable at Settlement.

Interest on Compensation – The interest payable and compensation allowable is to be calculated                                                                                  a) at the prescribed rate, being 9% per annum calculated on a daily basis of the purchase price of the property                                                        b) from and including the scheduled Settlement Date but excluding the date on which Settlement occurs.

The above would also apply to the Seller if Settlement is delayed and is responsible for the delay.

Always check with your Settlement Agent, well before the scheduled Settlement Date, that everything is in order to Settle successfully to avoid any unnecessary costs.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at our convenience.