You have finally found the house of your dreams and have decided to buy it. Contracts between the parties have been signed and exchanged, and now you are counting the days until settlement. But…
Do I have to wait the full 35 days to settle?
No. If all parties involved in the transaction are ready, willing and able to settle earlier than the 35 day period stipulated in the contract, the settlement can take place at an earlier date if agreed between the parties. The banks involved will need to be able to prepare for the settlement so at least one weeks' notice should be provided before establishing an early settlement date.
For example, if you are aware that the property is empty and you are itching to move into your new house, contact your conveyancer. Your conveyancer will get in contact with your bank to make sure that they are in a position for settlement to be brought forward.
Once your bank has confirmed they are ready to settle your conveyancer will discuss it with the vendor's conveyancer who will then talk to their client's bank. Once all parties mutually agree to settle early a new settlement date is decided upon and settlement can be brought forward.
If you have a specific question that you would like to see featured in our column you can get in touch with us on 6331 2911 or visit our website at www.kennyspring.com.au
Please note the answers provided are for your general information only and we ask that you call our office on 02 6331 2911 to obtain detailed legal advice for your individual situation.
Rachael Thurn | Property Conveyancer