This course considers the technical legal rules, and the practical action which could and should be taken, when the completion of a residential transaction is delayed. This can happen because the money is late in arriving on the contracted day of completion. Or, completion is postponed but will take place in a few days, possibly after the service of a Notice to Complete. Or, completion is never going to happen. The course considers the difference between compensation and damages; and how, when, and the effect of, service of a Notice to Complete.
Learning Objectives – At the end of the session, attendees will be able to:
- Identify questions needing answers – before the worst happens!
- Distinguish time for completion, and time for receipt of money
- Describe actions to take where: money is delayed/ completion is delayed/ completion is never going to happen
- Explain contract compensation, and damages for breach
- Calculate compensation, and amount to pay over on a delayed completion
- Prepare and tactical service of a Notice to Complete
- Define rescission or discharge?