How to Avoid Delays in Property Settlement

Sep 27, 2020

Avoiding the unavoidable is what we strive to do every day as Settlement Agents. We all try our very best to stick to the timeline that has been set. However, purchasing property is not always straightforward, including the world of settlements. Inconvenient delays when you are nearing the end can always pop up. This is why we can’t emphasise enough how imperative it is to get your ducks in a row as soon as possible. It is also important to be aware of potential hindrances and to have a plan in place on how it will be handled, better yet stopping them before they can start!

So, why might my settlement get delayed?

Banks and lenders

Alright, so you have submitted all the necessary paperwork and now you are waiting on your banks and lenders. Banks unfortunately can often have delays; this is not uncommon. In order to avoid bank delays, the buyer and seller must ensure that they agree on a settlement date with enough time for the buyer to get their finances in order. We cannot reiterate enough how wise it is to agree on a comfortable settlement period that both parties are happy with. As for buyers, strive to always be timely and accurate with your documentation. Mistakes cost time!

Issues that arise during final inspection

Every buyer has the right to inspect the property just before settlement. Pre-settlement inspections are a grand opportunity to ensure the home is in the same condition as when the contract of sale was signed. However, if there are issues, this often will equate to a delay. Obviously, there is not much you can do to prevent damage, but we recommend staying as transparent as possible, keeping an open line of communication, and actually attending the pre-settlement inspection.

Delays with documentation

When you have multiple stakeholders in a transaction, documentation can slow down the process. This is normal! During the conveyancing process, a range of important documents need to be completed in order to tick along the process. Please return your documents at your earliest convenience to avoid settlement delays. Stick to the timelines and ensure you communicate with your Perth Settlement Agent through this process. Doing so can easily avoid this hiccup.

How can issues be prevented?

Apart from being organised and sticking to your tail end of responsibilities, keep your records in order and ensure your documentation is accurate. This is why working with a professional Perth Conveyancer, who is in your corner is incredibly imperative. Speak to your team at Essence Conveyancing today, we are more than happy to help you through your settlement journey.