Hi all, as the title says I am about to make an offer for a property. The sellers agent has requested some information to form a contract for me to sign. One of the items of information is the settlement date. I have deposit and purchasing costs and pre approval for more than the balance. I’m not sure what date to state for the settlement. How long do the banks normally take? I would like to complete as soon as possible but don’t want to be penalised if I am held up by someone else!
This is for a 1st floor unit so will make the offer subject to finance but there will be no building/pest inspections
Thanks for any advise
SteveI phoned round a few conveyancers for prices. Got quoted $600+GST. Seems like a good date for completion would be 18th December
Aren’t you going to seek legal advice before signing? Christmas is coming up and many firms will be closed from Christmas to 20th or so Jan.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry, I was hoping to complete before Christmas so I can use the holidays to get it ready for renting in Jamuary. Do you see a potential problem with completing on the 18th? I’ve not submitted the contract yet as I have asked for the minutes and accounts from the managent fund on advise from the conveyancer and am waiting for them to make sure there are surplus funds and no nasty surprises.
This is all new to me so happy to listen to advise from those more experienced.
Thanks againChristmas is the busiest time of the year for lenders. There are various deadlines you need to meet to be able to settle in time. And if you go over it can be a long wait until your solicitors come back from hols. You should seek legal advice before submitting your offer to make sure the lawyers are ok and you should seek confirmation from your broker that the lending side will have enough time.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Agree with Terry I think a 18th December Settlement is very optimistic this time of year.
Gives you less than 24 days from start to finish. If it is a mortgage insured loan or slightly out of the ordinary I think you will be pushing it.
Cheers
Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Ok thank you guys. I will take your advise and specify a longer period. Also the sellers agent seems reluctant to supply the managent fund info I have requested so I may not be proceeding at all.
RegardsYou have to ask yourself why would he not provide such information.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Do you see a potential problem with completing on the 18th?
If you and your finance person work efficiently – settling on 18/12 is possible.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I might be getting confused about what I have been asked to sign. Could someone read the below email and let me know if this is normal? Am I being over cautious?
CheersUsually agents do not order until they have a contract offer as all information needs to be current and searches expire.
The usual way is to make an offer on contract and then if it is accepted, the Form1 is issued with all searches and minutes.
Then you have 48 hours cooling off period, during which you can have a building inspection done and check all strata etc.
Please advise if you wish to make an offer on contract or do you want to view the strata first?
Kind regards,
Ah – this is a South Australian purchase?
Depending on the agent, some will have a Form1 available from day 1, others will only order them once the property is under contract.
Note either side can pull out until form 1 has been signed by both parties and then the two day cooling off commences.
If you wait for form 1 you WONT meet the 18/12 deadline easily.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Yes Corey the property is in SA. Thank for that
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