Just a quick question about a late settlement of a property.
Just the quick facts
1. we sold our block of land.
2.Settlement date was supposed to be 15th July
3. They needed more time to complete.
What i would like to know if anyone has had any experience with this. We agreed to give them 7 days without any penalties ( i know but with this saga of trying to build etc i reckon i must have broken a 100 mirrors and just want some good karma to come back sometime )
Here is what is written in our contracts
It is agreed any amount payable to the vendor under this clause shall be paid on completion.
This is how i read it.
10% of 215000 is $21500 per day
Is this correct it seems a bit high?
Also would like to hear about your delay of settlement and experiences.
ps If in the wrong section please move it