Hello
I have signed a contract to buy an established house in Queensland on end of Feb 13, settlement due on 2nd April 13.
I have requested to extend the settlement 3 times (total of 2 weeks), due to B&P and finance. The seller agreed all the extension requests.
When the time comes to settlement around mid-April, the seller requested to extend for one week due to the transfer document cannot be signed. A day before the settlement, the seller requested for another week and still could not settle, and by end of April the seller has requested for one month extension. The main and the only reason is:
'The director of the seller company has done bankrupt so he cannot sign the transfer. Their solicitors is approaching the bankruptcy trustee to see if they will allow him to sign.'
they are working with ASIC to obtain the liquidators signature for the Transfer documents. They need to apply to ASIC to have this completed.
Today is the settlement date, unfortunately my solicitor has advised that they have sent through a fax breaching the contract, they basically gave up.
This is a first time I am experiencing such a lengthy settlement period and deal with such issue.
My intension is:
1) I would like this purchase to go through. Good deal.
2) I have spent money on B&P, legal etc. as well as time on the finance etc.
What are my options on it?
Thanks everyone.
I have signed a contract to buy an established house in Queensland on end of Feb 13, settlement due on 2nd April 13.
I have requested to extend the settlement 3 times (total of 2 weeks), due to B&P and finance. The seller agreed all the extension requests.
When the time comes to settlement around mid-April, the seller requested to extend for one week due to the transfer document cannot be signed. A day before the settlement, the seller requested for another week and still could not settle, and by end of April the seller has requested for one month extension. The main and the only reason is:
'The director of the seller company has done bankrupt so he cannot sign the transfer. Their solicitors is approaching the bankruptcy trustee to see if they will allow him to sign.'
they are working with ASIC to obtain the liquidators signature for the Transfer documents. They need to apply to ASIC to have this completed.
Today is the settlement date, unfortunately my solicitor has advised that they have sent through a fax breaching the contract, they basically gave up.
This is a first time I am experiencing such a lengthy settlement period and deal with such issue.
My intension is:
1) I would like this purchase to go through. Good deal.
2) I have spent money on B&P, legal etc. as well as time on the finance etc.
What are my options on it?
Thanks everyone.