When selling the home of someone who has passed away, a longer settlement period may be needed.

Death and property settlement: what do you need to know?

When selling the home of someone who has passed away, the circumstances of the sale may warrant a longer settlement period. This is particularly likely if Probate needs to be granted, if Letters of Administration need to be granted, or if the death certificate is not readily available. Here, I’ll explain some common circumstances under …

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TwoHouses

Partial discharges: how they can cost you penalty interest

Partial discharges sometimes lead to settlement delays, costing sellers money in the form of penalty interest. In this post, I’ll explain why such delays happen, and what you can do to avoid them. When there’s a mortgage on the property, it must be discharged by the lender for settlement to occur. This generally takes around …

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Caveats on property can affect your settlement

Caveats explained: what they mean for your settlement

Caveats affect many property settlements each year, but the processes involved in removing a caveat remain poorly understood by some sellers and agents. A caveat is an interest in land that’s lodged to protect the caveator’s interest. Absolute caveats prevent the Registrar of Titles from registering any “instruments”. Since a Transfer of Land is one …

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Do you need to allow extra time for settlement?

Do you need to allow extra time for settlement?

Buyers are usually eager to move into their new property as soon as possible, and sellers are generally keen to gain access to the proceeds of the sale quickly. Despite this, it’s important to leave an appropriate amount of time for settlement to be completed. It’s not uncommon for settlement to be delayed because of …

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What you do before the settlement process begins can have a big impact.

The 3 essential tasks to complete before settlement begins

There is plenty of work to do during the settlement process. However, what you do before the settlement process begins can also have a big impact on the success of the property transaction. Here are three important tasks that, when done early – even before the sale – will set sellers well on their way …

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Are you selling commercial property that's GST inclusive?

Selling commercial property that’s GST inclusive? Don’t forget this important consideration.

When selling a property that’s inclusive of GST – which is often the case for commercial property – most sellers and agents know that the seller must provide a tax invoice to the buyer for the purchase price. What is less well-known is that GST is also payable on other components of the purchase price, …

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Timber pest inspections can impact your settlement

Two facts you need to know about timber pest inspections

When it comes to timber pest inspection clauses, it pays to be specific. Here are two lesser-known facts about timber pest inspections that can impact property transactions. 1. Termite inspections and timber pest inspections are different. While most real estate agents know this, it’s a common misunderstanding among the general public. Termite inspections only cover …

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The '10 days grace' granted by clause 15 has a very limited scope.

Have you misinterpreted the 10 days grace clause?

Legal advice provided to the settlement industry has revealed that the ’10 days grace’ clause in the Joint Form of General Conditions has a very limited scope. Have you misinterpreted this clause? Read on for more info. In the past, there have been cases of agents telling buyers that if the buyer found a fault …

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Power of Attorneys need to be lodged before settlement.

The most important thing you need to know about Power of Attorneys

There’s plenty to know about Power of Attorneys, but when it comes to real estate, the most important thing you need to know about Power of Attorneys is that they need to be lodged at Landgate before settlement can commence. This step is commonly forgotten, but it’s vital. Forgetting to lodge the POA can lead …

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