After the contract goes unconditional, all parties are eager to get settlement across the line. Something important to note is the work involved from the unconditional stage to settlement to ensure that all parties rights and interests are protected. It is important that steps are taken to ensure that the buyer and seller can transfer the property without issues or concerns.
Not only do the respective conveyancing firms need to order searches, prepare documents and calculate funds but the banks need to issue loan documents, finalise discharge paperwork and prepare their files to settle. Despite parties being eager to have settlement completed, it is not suggested that settlement take place less than 10 business days following the contract going unconditional as the correct due diligence and calculations may not be able to take place leaving parties exposed to issues following settlement.
If you need advice with your contract, contact us and we will do what we can to answer any questions you might have!
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