Text for Report on Title
ROT: Contract Rate/delayed or late completion
- Change date
- 15/08/2023
- Word count
- 133
- Deployment measure
- 9/10
Rationale
In light of the significant increase in interest rates it is now more important than ever to set out the implications of penalty interest for late completion. With many contracts referencing the Law Society's Contract Rate it is necessary to set out what the rate is.
I would advise that should completion be delayed, even through no fault of your own, whereby we are unable to provide the purchase monies to the Sellers Solicitors by 2.00
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