30 day settlement

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Sonja
Member
@sonja
Join Date: 2004
Post Count: 338
July 3, 2004 - 1:44 am
Is this something that you simply ask your solicitor/REA/bank for when pruchasing if you are in a hurry to settle? Obviously the vendor would have to agree. Can it be less than 30 days? Is there any reason not to ask for a quick settlement?
Cheers
Sonja
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 3, 2004 - 3:03 am
Sonja
6 weeks maybe the standard in NSW in Qld it is 30 days.
Last property we settled in 11 days and that was only because we lost 3 days over the long June weekend.
If you want to buy a bargain you can’t hang around and expect the vendor to wait forever.
Cheers Richard
richard at fhog.com.au
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Sonja
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@sonja
Join Date: 2004
Post Count: 338
July 3, 2004 - 3:58 am
Yes, I am in NSW and I need a vacant block in a hurry so that I can relocate a free 3B/R house before it is demolished. Although the council will approve the DA before settlement (subject to vendors consent) I am a bit wary of going ahead with the relocation before settlement.
Cheers
Sonja
brahms
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@brahms
Join Date: 2004
Post Count: 485
July 3, 2004 - 4:50 am
for your record MA, we don’t have problems in Qld with our ‘subject to’ contracts. the complete process from signing the contract conditional on ‘subject to….’ and settlement is 30 days.
and as the purchaser and vendor have agreed to the terms and conditions of contract (subject to or not) there is no gazumping. unlike nsw – where you have to commonly wait 14 days to have a contract exchange in which no formal binding commitment is made, then a further 42 days to settlement (just what is done in this timeframe who knows, but whatever it is, it aint done quickly).
the nsw system is controlled by the nsw law society – for obvious commercial reasons.
Monopoly
Member
@monopoly
Join Date: 2004
Post Count: 1,612
July 3, 2004 - 5:30 am
Hi Sonja,
In Victoria you can have either 30/60/90/120 and maybe even longer if both parties are agreeable. However the shortest I have ever heard of (through my conveyancer) was 15 days but with lots of conditions written in. Better to stick to the 30 days; gives your solicitor/conveyancer enough time to do title searches and other related paperwork without having to write in special conditions and thereby charging you extra!!!
But then you’re in NSW so I am not sure this will help!!!! [blush2]
Jo
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
July 3, 2004 - 7:34 am
Sonja, if it were me, i would have it written in the contract that you can move the house, and keep to a standard settlement – or earlier if your bank can come to the party etc…
if the seller is serious about selling, it shouldn’t be an issue..[biggrin]
Cheers
Mel
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 5, 2004 - 1:53 am
30 days is not much time. Beware, banks are slow!!!! Some lenders can settle in as little as 5 days, but others would be pushing to settle on time for a 42 day settlement.
Terryw
Discover Home Loans
North Sydney
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