Buyer Secured More Time When Settlement Funds Were Late
The client’s situation
A purchaser’s lender advised late in the process that funds would not be available on the contractual settlement date. The purchaser assumed settlement could simply move by a few days because the vendor had no obvious loss.
How Aquarius Lawyers helped
We immediately reviewed the default and notice provisions, contacted the vendor’s representatives, sought an agreed extension and quantified likely interest, legal costs and other consequences. We also worked with the lender to identify the earliest realistic funding date.
The result
A documented extension was negotiated, avoiding the uncertainty of an informal delay and reducing the risk of escalation to termination or a claim for loss.
What this story shows
Settlement dates are contractual obligations, not diary suggestions. If finance will be late, the purchaser should seek advice before the due date and obtain any extension in writing.
This is an approved, anonymised success story about a matter handled by Aquarius Lawyers. It is general information, not legal advice. The facts, contract and law applying to another transaction may produce a different outcome.