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The buyer has the right to inspect the property before settlement to ensure its condition hasn't changed since the contract date. Cooperate with the buyer to facilitate this inspection.
Before listing your property, you must have a contract of sale prepared by a solicitor or conveyancer. It must include a title search, zoning certificate, and any council approvals for past renovations or modifications.
Time is of the essence of the Contract. This is a legal term that means you must perform your obligations strictly by the due date. For example, subject to any right of extension you may be entitled to exercise, you must be able to settle by 5pm on the settlement date; otherwise the Seller may issue the Buyer a Notice of Default requiring the Buyer to complete settlement within 14 days. If the Buyer fails to complete settlement within this period, the Seller may either terminate or seek to enforce the Contract. In both cases, the Seller may claim compensation from the Buyer, including charging you default interest on the unpaid balance due at settlement and passing on additional legal costs incurred by them to the Buyer due to their delay in completing settlement.
Usually, time is of the essence of the Contract which means that you must provide the Seller the balance of the purchase price strictly by the due date.
The Seller must allow the Buyer access to the Property once for the purpose of conducting a pre-settlement inspection to check on the condition of the Property.
As the settlement date approaches, it's crucial for Buyers to ensure the property is in the agreed-upon condition before finalising the purchase. Conducting a thorough pre-settlement inspection allows Buyers to verify that everything is as expected and to address any last-minute issues that could impact the transaction. This inspection is a key step in safeguarding your investment and ensuring a smooth transition of ownership.
The Reference Schedule of the Contract contains important details specific to your agreement. It's important to review it carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.
The settlement date is a critical milestone in any property transaction, marking the point at which ownership is transferred and all contractual obligations must be fulfilled. Navigating this process requires careful attention to detail and a clear understanding of the rights and responsibilities involved. Whether you're facing potential delays or planning ahead, knowing how to manage the settlement date effectively can help prevent complications and ensure a smooth transaction. This article will guide you through the key considerations and options available if challenges arise near the settlement deadline.