If one of the parties isn’t ready to settle, the other party can issue a “Notice to Complete”. This tells the other party that they have 14 days to settle the property.
If the seller is not able to settle on time, the buyer may be able to cancel the contract and possibly get their deposit back. They may also be able to ask the Court to give them possession of the property.
If the buyer is not ready to settle, the seller may be able to charge the buyer interest each day settlement is delayed. The amount that can be charged will usually be outlined in the purchase contract. If the property hasn’t settled within 14 days of the Notice to Complete being issued, the seller can keep the deposit and put the property back on the market.