Guys,
I bought this property in quakers hill on 11th july. Westpac approved the loan on 21st of july. We signed the loan contract on 24th july.Our settlement is on 11th August which is tomorrow.Since the settlement period was a bit tight i requested for an extension of settlement .And title of the property had caveat which my financial instituition wanted to be removed.My conveyencer advised the vendors lawyers regarding removal of caveat on 3rd of august. Today i received a fax from the vendors lawyers stating the following.
1)Our client agrees to amend the contract so that the settlement date is 22 August 2009.
2)We have commence lapsing procedures in relation to the caveat.This caveat will lapse from the title prior to the settlement.
Now that my financier Westpac is ready for settlement,should i wait till 22nd August for settlement .How long does it take to remove the caveat, When should my conveyencer need to contact the vendors lawyers(Gadens Lawyers) regarding the settlement.
Guys please advice me regarding this.
christos.