Yes, if the delay is attributable to the other party. If settlement is not completed within three business days after the settlement date for a reason attributable to them, you can demand compensation at 9% per annum on the balance of the purchase price.

It is calculated from the settlement date to the date settlement is completed, so the first three business days are included rather than forgiven. It’s paid at settlement.

Your right to it depends on you being ready, willing and able to complete on the settlement date. So does your lender if you have one. If you weren’t ready, the right begins from the date you give the other party written notice that you now are.

We will tell you if there is a delay in settlement. We will only claim penalty interest for you if you instruct us in writing to do so. See Penalties for late settlement.