Top tips for avoiding delays at settlement

On settlement date, there are a number of things that need to happen behind the scenes before the keys can be released.
Top tips for avoiding delays at settlement

It’s a Friday morning and the sun is shining bright. Hanna and Mikare are settling the purchase of their new home today. The removal truck has been booked and is due to deliver their possession to their new home at lunchtime. Lunchtime rolls around – the truck is there, Hanna and Mikare are there … everyone waits and waits.

One of the questions we are often asked is “what time will settlement happen and when can we get the keys”. On settlement date, there are a number of things that need to happen behind the scenes before the keys can be released.

Our top tips for avoiding delays at settlement time are:

  1. Make sure you have allowed enough time between when you sign the agreement and when you want to settle the purchase;
  2. If you are putting in any money towards the purchase, make sure you deposit this a few days before settlement so that the money is cleared funds in your solicitor’s trust account on settlement day;
  3. If your pre-settlement inspection indicates any work needs to be done, be clear on what needs to be done and when. A settlement usually won’t happen until the other party has had enough time to do that work and you have confirmed you are happy with it;
  4. Settlements traditionally happen on a Friday, making this a particularly busy day across the country for banks and lawyers processing settlements. If possible, consider making your settlement on another day of the week that is not so busy, meaning your settlement may be processed faster.
  5. Finally, be aware that delays may happen which are beyond everyone’s control. When booking a removal truck, aim for later in the day, and as much as possible have some flexibility around that time you need to be moved in.

For advice and assistance with all aspects of property sales and purchases, contact Rachael or Vicki on 07 872 0560.

By
Vicki Cook
Registered Legal Executive

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