Anonymised property matter
Settlement funds were late
- Transaction
- Purchase
- Jurisdiction
- NSW
- Focus
- Delayed settlement and default exposure
Situation
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
The legal response
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.
Documented outcome
The documented outcome
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.
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