Wondering if there are any real estate parents who would be willing to comment on the following issue.
My mum and dad sold their house beginning of August. The buying couple made the 10% deposit into their Solicitors account.
Initially the settlement was meant to be end of August but due to the fact that mum and dad were looking at rental places to move into whilst they build their new house they extended the settlement date to yesterday.
Settlement was meant to happen at 11am at the house and keys would be handed over after the inspection.
The buying couple never turned up, their real estate agent called stating that their money is still tied up in a trust account and will be ready on Tuesday.
Mum and dad's solicitor stated that this is quite normal and that because they have not settled the lawyer will charge them a 'default fee' of some sort which is about $190 per day until they settle.
What are mum and dad's rights?
How long can the buying couple delay for?
What happens if they dont settle on Tuesday...or ever? The cooling off period has well lapsed.
Can the couple not ever settle? If so do mum and dad keep the 10% deposit and can they re-list the house for sale as well.
I'll be talking with mum and dads real estate agent on Monday afternoon but thought I would jump on here to get some friendly parental advice from those in the industry.
Thanking you in advance!