Who decides the settlement date?

The settlement date is usually agreed between the buyer and the seller, and this is written into the contract as an essential term.

Buyers need to be conscious of how much time their lending bank needs to approve the loan and get ready for settlement, typically they should allow at 45 days from the day of sale.  If you’re purchasing without a bank, settlement could comfortably be 30 days from the day of sale.

Sellers can also have obligations that affect when settlement can occur:

• The property may be tenanted, and vacant possession needs to be provided.
• The property may be mortgaged, and so the mortgagee must be instructed and ready to discharge their mortgage at settlement.
• For properties that are not mortgaged, the Certificate of Title needs to be located and produced (if in paper form).

In the case of the “off the plan” settlements, settlement is typically held 14 days after the purchaser has been notified that Plan of Subdivision has been registered, or the Occupancy Permit has been issued, whichever occurs later.

For more information about settlement dates, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351.