The vendor or purchaser can issue a 'Notice to Complete' which means the vendor or purchaser has 14 days (including weekends and public holidays) to settle the matter. If left unsettled, the purchaser has the right to terminate the contract and is eligible to receive their deposit back. The purchaser may also apply to the Court to have the vendor complete the agreement and hand over possession.

The vendor is entitled to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. When a 'Notice to Complete' is issued, the vendor may terminate the contract after the 14 days has expired and keep the deposit, and can legally place the property back on the market to sell.

Last updated on September 21, 2011 by Webmaster