Legal Question in Real Estate Law in New Zealand (Aotearoa)
Purchasing Realestate
The settlement date has passed but the vendour has not recieved the new title to freehold the section yet. If we, the buyers, were overdue we would be charged interest. Does it work the other way as well?
Asked on 9/02/07, 4:39 pm
1 Answer from Attorneys
Simon Laurent
LaurentLaw Barristers & Solicitors
Re: Purchasing Realestate
It depends on the terms of the Sale & Purchase Agreement which was drawn up. A purchaser pays penalty interest because they have not given the money to the vendor. Normally the vendors would not pay interest for lateness. However, there may be other remedies available under whatever Agreement you are using.
If you do not already have a solicitor you are strongly advised to take the Agreement to a solicitor immediately to clarify what your rights are.
Answered on 9/02/07, 8:37 pm
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