Have you ever wondered what actually happens on settlement day? Yeah, sure, you get a call from your settlement agent to tell you your property has settled. But what really happens inside the settlement agency black box in the hours leading up to that call? Well, the answer to that question depends on whether you’re …
What do you do when a buyer’s finance isn’t going to be approved by the latest date? If you’re like many of the agents we deal with you probably get the buyer and seller to sign a contract variation extending the latest date for finance approval. It seems like the right thing to do, and …
Continue reading “My finance is late: what to do when the buyer needs more time”
Applying for finance through the wrong lender could place you at risk of legal action A recent settlement has highlighted the risks created when buyers ignore the requirements of the Subject to Finance clause on the Offer and Acceptance. In this case, the buyer made an offer subject to finance approval from the ANZ. But, …
A recent call to our office has highlighted the importance to the buyer of paying their deposit on time. In this case, the buyer had made an unconditional offer on a property but, after the offer was accepted, they discovered they would be liable to pay around $25,000 in transfer duty. The buyer panicked. “Do …
Continue reading “Why it’s important to pay your deposit on time”
A recent call from an agent has highlighted the risks to buyers when they fail to notify the seller that their finance has been approved. In this instance, the buyer had told the agent they had received finance approval. But, in an attempt to delay settlement, they refused to provide the written notice required by …
Continue reading “How a finance approval letter could cost thousands in penalty interest”
You’ve signed the contract. Finance is approved. The sold sticker is up. You’re just days away from settlement and moving in to your new home. And then the news you weren’t expecting – the seller won’t settle! They tell you they’re involved in an interstate purchase that needs to fall over before this one can …
Continue reading “How smart buyers deal with settlement delays”
It’s important for sellers to be aware that preparations for the final inspection of their property should not be left until the last minute, especially if a seller has entered into an O&A which includes any Special Conditions. In fact any Special Conditions need to be addressed sooner rather than later, as one seller discovered …
Continue reading “It’s a Case of Sooner, Rather Than Later – Addressing Special Conditions”
Once an Offer and Acceptance has gone “unconditional” on their property, time seems to literally fly by for most sellers. With the myriad of last minute items to attend to before settlement and the excitement of the big move, it’s easy to see how some details can slip through the cracks, even for the most …
Continue reading “It’s the Little Things That Count – Disconnecting Utilities”
The sales process can undoubtedly be a stressful time for sellers. With pre sale preparations, home opens, inspections and price negotiations, sellers often feel like sitting back and breathing a sigh of relief once an Offer and Acceptance is agreed upon. However, it’s vital that sellers are made aware of their key responsibilities and the …
Continue reading “Keep Your Eye on the Ball – Arranging the Discharge of Mortgage”
As they say “failing to plan, is planning to fail” however we find that when it comes time for clients to co-ordinate their house move with their settlement date, it’s wise to maintain some flexibility with the planning. This includes the all-important booking date for removalists because a scheduled settlement date is not always guaranteed …
Continue reading “Moving House – It’s a Case of Having a Plan B”