on 08-12-2020 04:46 PM
Thanks for your comment Tania.
I've been having these problems with settlement agents for years(as we all would of) so was aware of their ridiculous stance on settlement times. However, at the time of making the settlement times we checked all the parties in our purchase and sale to make sure First legal or any of the other agents that think they can decide settlement times weren't involved. Unfortunately, we couldn't know that first legal were a party in a settlement linked to the purchaser of our client's property.
We tried to get early access but unfortunately it was refused. I'm now left with a client that can't afford it out of pocket, that i feel like i've let down, all because we had First Legal as a party on a matter that is linked to ours.
I don't understand how they can't have funds ready earlier in the day than 2.30pm. I can transfer funds to anyone and have it hit their account within 10 minutes, but a lender can't manage to get funds to their settlement agent before 2.30pm? Also, couldn't they just make their cut off times for funds required to settle a day earlier for early in the day settlements? That way the lender could transfer funds the day before in readiness for an early settlement. It just seems crazy to me that they can force late settlement times on people.
01-06-2021 02:13 AM - edited 03-06-2021 01:09 AM
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on 01-06-2021 02:04 PM
Why are these people even allowed to act as Agents in this day when their reputation and lack of response to anything is so bad!?!?
Bar them altogether, I say. Or at least employ people that have a clue about the importance of deadlines and time of the essence.
I have a settlement in half an hour and they still have not accepted the settlement date/time, let alone prepared discharge documents.
Just not good enough.