What to Do When Waiting on Settlement

TMAAT September 30, 2015

Delayed Settlement Problems

While you may be keen to move into your new property first thing in the morning, chances are you won’t even receive your keys until later in the day. Most conveyancers will set the booking for your property settlement between 10am and 12pm at the Land Titles Office in your state. Settlement involves the conveyancers acting for each party in the transaction exchanging funds to complete your purchase for the title to your new property.

If you’ve taken out a mortgage to complete your purchase, it’s likely the banks have been prepared for the day well in advance. Unfortunately, there are times when settlement can be delayed. For example, if you’ve sold your old home in order to purchase your new home, coordinating a simultaneous settlement for two sales can be challenging for even the best conveyancer.

Of course, if you don’t anticipate any major problems with the bank completing the purchase, your conveyancer should notify you and your real estate agent that the transaction is complete by early afternoon. From there, you can go and pick up your keys and prepare for the move into your new home.

Ideally, you should book your moving date for the following day. You have the advantage of having a full day to complete the move. You also won’t be paying for removalists to sit around waiting for your keys to be ready sometime in the afternoon.

Moving into a Newly-Built Property

Trying to book a firm moving date when you’re waiting for a builder to complete construction on a new property can be tricky. Builders will give you an estimated completion date for a preliminary walk-through and a final handover for the home, so it can be tempting to book your move for the dates you’ve been given.

Before you book your removal company for the same day or the day after your handover date, think about some of the things that can still go wrong during the final fixing stage of a new construction.

The bank may not approve your final payment on the same day the builder wants to hand over the property. If this happens, the builder won’t sign over the keys to the home, so you won’t be able to move. Likewise, if any of the final trades make even a tiny mistake, handover date will be delayed until the builder can rectify the problem to ensure your new property is handed to you in the best possible condition.

Moving into an Off-the-Plan Apartment

Planning your moving day around the completion of an off-the-plan apartment block can be extremely challenging. Developers are notorious for giving estimated completion dates that often get extended due to problems with tradespeople and building supplies, especially on such a large construction project.

If you’ve planned your move around an estimated completion date, there are still plenty of things that can go wrong. Before you plan to move out of your existing property, it may be wise to wait until you have a firm preliminary walk-through date from the developer before booking your removal company.

Temporary Storage and Accommodation

Many first homebuyers may have already given notice to a landlord that moving day is set to coincide with settlement day. If settlement is delayed for a few hours, you shouldn’t have too many problems booking your removal company for an afternoon move.

However, if settlement is delayed by a couple of days or even weeks, chances are you’ll be forced to move out of your rental property. If there are new tenants already moving in right after your final day, you’re left with no place to go until your new home is finally settled.

If you’re stuck in this situation, you may need to consider using temporary storage solutions and finding short-term accommodation until settlement of your new home finally goes through. Your removal company can arrange to deliver a container to pack your possessions into for a couple of days and then shift the container to a secure storage location until you’re ready to move.

Buying a new home isn’t always fraught with such delays, but it’s worth anticipating potential problems in advance. Speak with your removal company about your moving situation and ask their advice about the best time to move around your own settlement.

Two Men and a Truck offer several convenient storage options that allow you to store your possessions securely over the short term while you complete your renovations.

Contact us today on 1300 880 412 to find out more.

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