Once a property has been sold, there is a period of time between the contract being signed and the handover of keys, in which a number of important steps must be completed.
When reading through the overview below, the following terms are used:
Vendor: The person or entity selling the property
Buyer: The person or entity buying the property
When your settlement is being delayed, this is a big problem. There are too many things to look after when moving home, and if the date shifts, the same work you’ve already done arranging everything around your settlement date doubles or triples.
What’s more, nobody is expecting this to happen, so when it hits – it hits people hard. If a buyer is renting a house, while he’s waiting for his settlement date, a delayed settlement (by vendor) means that he needs to extend his lease, which may not be that easy on a couple of day’s notice, re-arrange the removalist, re-arrange the disconnection and re-connection of the utilities, re-arrange the redirect of mail, take another day off at work, etc. These are just a few examples of the amount of pain a delayed settlement can put you through. And the first reaction to a situation like this is a question: Continue reading Delayed Settlement – buyers’ rights explained