Browse Forums Real Estate 1 Oct 28, 2010 6:26 pm Hello, we have sold our house and the contract has gone unconditional. It was not subject to the sale of the buyer's house, but their sale has now fallen through. We have a date now in the contract for settlement. Are they able to change the date of settlement, if we aren't agreeable? Can anything happen to jeopardize the contract now that it is unconditional? Any advise would be welcome! Re: Unconditional Contract 2Oct 29, 2010 7:18 am They are not able to change the contract date without your consent. If they don't settle you send then a notice to settle within 14 days. Your contract should have penalties written into it. Speak to your solicitor. If they don't settle they lose their 10% deposit. Good luck. I hate selling so I just keep buying instead. . Re: Unconditional Contract 3Oct 29, 2010 4:06 pm if both parties agree you can change settlement dates forward and back. the question you have to ask is, do you want this sale to go thru or not? if so let them push the settlement back untill there house sells. if not don't change dates and you will probably find your house is back on the market in a couple of months because the buyer can't settle. Re: Unconditional Contract 4Oct 29, 2010 7:55 pm Is it possible to offer them an incentive to settle on the contracted date (like some money off the purchase price?) Rather than extending the settlement? Re: Unconditional Contract 5Oct 30, 2010 1:14 pm They're liable for penalties if they don't settle on the date specified. Your contract will spell it out. Anyone who signs an unconditional contract when their existing house hasn't been sold unconditionally is a fool. You could play nice guy, but I bet you're waiting on the cash from the sale to fund your own new purchase. Worst case scenario from your point of view: they pay you a penalty and you need to find another buyer. You don't want to be mucking around waiting if you're going to end up putting the house back on the market. Whatever you decide will depend entirely on your own circumstances. Get some legal advice. You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16436 Been in a similar position and we decided to let the builder go. Some of the PSA money goes to engineering so we at least got those documents and they actually refunded us… 2 6012 It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8470 |