Flips – How is settlement done.

Hi,

While I’m no legal expert… solicitors for all parties would meet in a room and shuffle paper.

I’d imagine that your purchase is settled first (i.e. necessary docs executed), and then once this happens then the legals over your sale are handled.

Really though, it’s just a matter of due process that is all handled by your legal eagle(s).

Regards,

Steve McKnight

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Is there any way to avoid settlement if your purchaser will not be ready to settle on that day? Does it meat you better have financing ready, or there should be special clause in the contract dealing with this.

I am a bit bias coz I just came through exiting experience of having solicitor on the run for some weeks over settlement day. If that happen to me it can happen to somebody else too.

By the way my advice – put everything in writing whenever you deal with solicitor; make minutes of every section and phone conversation and make all attendee sign in.