How long does it take to exchange & settle ?

Viewing 7 posts - 1 through 7 (of 7 total)

bacchu
Participant
@bacchu
Join Date: 2004
Post Count: 62
April 29, 2005 - 6:29 am
OK i have with me an accepted offer but conditional that if not exchanged within 21 days and not settled within 30 days then the offer becomes offer + 10K.
What do you guys think of it…is it a decent condition ? Also how long does it usually take to exchange & settle ?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 29, 2005 - 7:03 am
Do you have to get a loan? That is the slow bit.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
bacchu
Participant
@bacchu
Join Date: 2004
Post Count: 62
April 29, 2005 - 7:35 am
i have a conditional one right now.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
April 29, 2005 - 9:27 am
I wouldn’t be keen on the $10K penalty.
30 days is a reasonably quick setlement.
What if the other party delays?
I would remove it I think unless I had no choice.
Some lenders are slow – make sure your mortgage guy knows the pressure on you to settle on time.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
April 29, 2005 - 9:52 am
do you have a fast solicitor?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 2, 2005 - 4:01 am
Yes, watch out. Sometimes documents come out with incorrect addresses etc, and need to be done again. This could cost you $10,000.
Theoretically it would be possible, but things sometimes drag out a bit.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
May 2, 2005 - 4:16 am
The wording of the information you provided could result in 7 days to settle if you do not exchange until the 21st day. 6 weeks (42 days) is standard from exchange until settlement. Whatever you negotiate is up to you.
I am interested in the “conditional accepted offer”. Regarding real estate in Australia, nothing is official until exchange so it provides you with absolutely no protection to be the succesful purchaser of the property if you don’t exchange. What you have been given is completely favouring the seller.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.au

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