What to Know about Property Settlement

If you have bought a home or any other property, settlement or conveyancing is that time when the contracts have been exchanged and a date set for when you can move in. This is usually 42 days after the contracts have been signed, but it can vary, depending on the circumstances. For instance, if the property is vacant, the seller may agree that you can move in sooner.

Or in some cases the settlement date may not be convenient to you for some reason. In this case, you need to discuss the matter with your solicitor/conveyancer on the day you sign the contract. Once the contracts are exchanged, it is too late to change the date of settlement. However, most contracts have a clause stating that if there is a delay in settlement that is not the seller’s fault, you will have to pay interest as compensation for them not getting their money.

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