Vendor not responding after problems found during pre settlement inspection

[Rosco]

You would be in breach to not settle as it isn't serious enough.
Withholding some funds is another story.

But how can you withhold some funds without their agreement?

ie they are waiting for $300,000. If you try to only give them $295,000, and they refuse, what happens? My understanding is you are stuck, and have to settle at $300,000 or risk losing your deposit!

As the clause that damap posted above states, you only have right to compensation.

Ross

[Damap]

Yes you have to settle, period. UNLESS you can prove some subterfuge by seller.

[property newbie]

Thanks for everyone's feedback. So the house was settled on time, as our lawyer said it's not severe enough to delay settlement, and you can't withhold fund unless the other party has agreed to it. You can take them to court after settlement but I just can't be bothered..

[property newbie]

By the way the vendor was nasty to deal with from the start. It''s been a good learning experience dealing with pricks!

[property newbie]

Now looking for a good property manager in central Auckland~~ Ponsonby/Grey Lynn area

[Maccachic]

By the way the vendor was nasty to deal with from the start. It''s been a good learning experience dealing with pricks!

Add a clause on the next one to prevent this issues occurring again

[Bluekiwi]

From a legal perspective unless your agreement fine print states that chattels must be in working order you have to settle, simple as that.
If you withhold payment or don't settle you will lose your deposit after 12 days and they get their house back.

Are you saying the standard agreement doesn't have this.
Interesting.

What I have been told to do, is withhold the value of the problem you want sorted, say its 5k, and settle with that.
And tell them they get their 5k when problem is fixed, or you keep it.

What are the legal issued around that ?

But op should get a good solicitor versed in property.

Vallant Hooker and Partners

[Bluekiwi]

Okay I have now read the whole thread.

I don't really like this 9th edition anymore.

Is the 8th better ?