One of the most important dates in the contract of sale of a property is the day scheduled for the sellers to leave the premises and authorize you to move in or take possession of it as the owner – in other words, the day of the transaction.
However, the process can sometimes generate errors, resulting in a delay, even if both parties have already signed on the agreed date, the keys will be handed over.
From the seller waiting at the bank to pay his mortgage and paperwork problems, to the discovery by the buyer of a problem during the final inspection of the property and unplanned life barriers that hinder – the reasons that settlement delays can occur are varied – and often stressful.
It is particularly stressful if you are a proactive investor who has chosen a tenant to move into the property, as the delay could have an impact on new tenants.
Fortunately, the buyer is willing to respect some legal rights if the seller is late settling the day of settlement, while keeping in mind of course that some problems can not be solved. According to the buyer, there should be a level of understanding depending on the cause of the delay – however, if a late settlement does not suit you, an appeal is available.
The right thing to do depends on the state in which you buy, but also keep in mind that settlement laws may change and it is always better to team up with a transportation professional or a lawyer throughout the buying process.
To learn more about managing the situation when the seller has fallen behind, including a guide to your legal rights, including proven strategies to help you regain control of your financial future, read the following: full article. article in the May 2019 edition of Your Investment Property magazine.
Available at Coles news agencies and supermarkets from April 11 to May 9 or download the magazine now.
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