In my last blog, I wrote about Settlement Day and what occurs. Today I thought I should share a little about what can go wrong on Settlement Day, and more importantly, how to avoid any settlement problems that could lead to delays.
But first up, the easy tip to remember is…there’s no such thing as “too organised” when it comes to settlements. If you can find yourself a Conveyancer with slight OCD tendencies, that’s a real good start.
Well, that’s quite a can of worms we’re opening now.
Most of the time, any delays are usually caused by the banks either not having enough time to get the file processed or missing something when they are verifying it for settlement.
Luckily, if there’s going to be a delay in settlement, we’d normally find out about it a few days prior. Often this will mean we can attempt a solution straight away and get the settlement time back on track.
With all the best intentions in the world, there may still be some unforeseeable settlement problems that cause a delay. For this reason, it’s best to have your removalist truck booked tentatively and confirm with them a day or two before. If you can organise the day off work as well, that’s also handy.
Same goes for Vendors who are using their sale proceeds to go and pick up a new car or boat (you’d be amazed the number of times it happens!). We recommend only ever to plan to collect the business day after settlement is scheduled for, just to be on the safe side.
To maximise your chances of a smooth and punctual settlement, keep the following tips in mind…