If a settlement was arranged for 20th December in NSW and settlement could occur till the New Year say 10th Jan. How would penalities be calculated considering both solicitors would be on annual leave and unable to attend settlement until they return from annual leave. Is there any steps other than attempting to arrange an exttension to the settlement date? Would delays from the vendors solicitors have any bearing to this? thanks in advance Timm
Hi Timm, We've had a slight delay to a settlement before, in mutual interest for when both solicitors could get together, and there was no penalty. You should check with your solicitor what they may be planning. If getting finance, your solicitor may also need to check with the Bank's solicitor also. Regards, Dave
Check the special conditions of the Contract. Some contracts have provisions for Christmas holidays where if settlement is to occur on that date it is automatically postponed to another date.
Thanks, I'll check is there is such a provision on the contracts I just hoping, if there is a penalty for late settlement, it doesn't include all the time both businesses are shut for Xmas holidays. cheers Timm
