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How to ensure you don’t derail your settlement date

Nov 21, 2023

As settlement agents, we aspire to navigate the unpredictable waters of property transactions. Sticking to the established timeline is always the aim, but we know the property purchase journey can sometimes throw us a curveball.

As we approach the final stages, unforeseen hiccups can emerge. The key? Preparation and anticipation. By understanding potential pitfalls and having a strategy to address them—or better yet, prevent them—you’re setting yourself up for success.

What could derail my settlement?

Your lender or bank

You’ve dotted the i’s, crossed the t’s, and now it’s up to the banks and lenders. It’s no secret that banks can sometimes run on their own timeline, causing unexpected delays.

To counteract this, both buyers and sellers should mutually decide on a settlement date, giving ample time for financial processes.

It’s a smart move to establish a generous settlement period that satisfies both sides. Buyers, remember: precision and punctuality in documentation are your allies. Don’t let errors stretch your timeline.

There are surprises that  come up during your final inspection

The pre-settlement inspection is a vital step for every buyer, ensuring the property’s condition matches the initial agreement.

However, any discrepancies can hit the brakes on your settlement. While preventing every potential issue isn’t feasible, maintaining transparency, fostering communication, and actively participating in the pre-settlement inspection can help.

Documentation delays

In transactions with multiple stakeholders, paperwork can sometimes become a bottleneck. The conveyancing journey requires the completion of various essential documents. Being prompt in returning these documents and adhering to the timeline can make a world of difference.

Regular communication with your Perth settlement agent ensures you stay on track and sidestep potential roadblocks.

Preventing pitfalls: What you should consider

Beyond just being organised, meticulous record-keeping and precise documentation are paramount. Having a seasoned Perth conveyancer by your side can streamline the process, ensuring all details are managed efficiently.

Need an expert on your side? Reach out to the team at Essence Conveyancing. We’re eager to support you on your settlement voyage.


Disclaimer: Please note, the contents of this article do not constitute conveyancing advice, are not intended to be a substitute for conveyancing advice and should not be relied upon as such. You should seek conveyancing advice or other professional advice in relation to any particular matters you or your organisation may have. To find out more, please contact us.