We sold our home and the settlement date has passed, but the buyer has not paid and keeps giving excuses. We have already bought another property and are under pressure. What rights do we have against the buyer?
Under the standard agreement for sale and purchase, if the buyer fails to settle on the due date, the seller can serve a settlement notice requiring the buyer to complete within a set period, usually 12 working days, provided that the seller is ready, willing and able to settle. If the buyer still fails to complete, the seller can cancel the agreement, retain the deposit as part of the damages, resell the property and claim any shortfall from the buyer, as well as interest and other costs. The steps must be followed accurately, so your lawyer should prepare the notice. Meanwhile, you may be entitled to interest on the purchase price from the settlement date. Check your own settlement obligations on your purchase and notify your lawyer and lender about the delay.
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