Question
of the week
Question of the week

Curious. Interesting. Informative.

14 September 2018

Heard it through the grapevine…

Sale, Purchase, Mortgage, Lease
Federal

Asked

Purchase - Off the plan - Seller in default

My client is buying a unit off the plan. We have a settlement date soon - time of the essence. Last week the seller’s mortgagee advised that the seller was in default. We have received nothing in writing to that effect. The plan has not been registered so they may be unable to effect settlement. Who do we deal with for the settlement?

Answered

Thank you for the question.

Until notified in writing of either a court order or the seller having consented to the mortgagee taking over the sale, the purchaser must continue to deal with the seller, as registered proprietor.

Regards

Mentor