Notice to Complete
new-south-wales
It is standard for real estate sale contracts to have a Notice to Complete clause which allows the party that is ready to settle to serve a notice on the defaulting party that they have 14 days to complete the sale.
At the end of that time, they may extend the notice or terminate the contract. If the vendor is in default, the deposit is returned and the buyer can sue for damages (e.g. their legal fees, building inspection costs etc.). If the buyer is in default, the vendor keeps the deposit, can also sue for damages and may place the property back in the market.