settlement on last day--how common it is?

I requested early settlement on property but vendor wasn't able to it
Vendor solicitor told the vendor bank was not ready to settle early
Now the settlement is pushed to last day of settlement
My question is -- how common it is for settlement on last day?

I am currently renting and this is making things complicated for me

 

Not the vendor's problem. Just overstay your termination date, by the time the agent tries to her a tribunal hearing, you'll be long gone.

It's the date you agreed to settle not some random date.

 

Settlement delays are usually the banks fault.

I recently sold a property (WA) and settlement was delayed 2 times. The CBA was the bank for both the Buyer and the Seller but it appears the mortgage discharge people at the CBA don't talk to the mortgage originators at the same bank.

Both Buyer and Seller Settlement agents had to do phone tango multiple times to get it over the line.

(nb: at additional cost to both Buyer and Seller I add)

 

There is a legal phase “Time is of the essence”.

Translated into Aussie, it means “cow manure”!!!

 

99% of settlements would be on the completion date.

 

my understanding of settlement date was that its needs to be done within those days ( 42 days) something like due date
It seems now it actually happen on last day
What a nuisance this is....

 

why do you think this? You set a settlement date because you want to settle on that date.

 

That's why you set a time period on your contract. 30 days is most common, if longer than 30 you'll have a due date for stamp duty before settlement. The whole idea is that it's predictable and consistent so you can plan around it. They have to pack up and find another home in that time too. It's possible to ask for early access for stuff to be delivered OR to bring the settlement date forward.

 

Not in NSW. It is 42 days here with duty payable up to 90 days after settlement.

 

Well that makes more sense. Hard handing over 30k before settlement that was happily offsetting other loans.

 

Stamp duty is payable within 90 days of exchange in NSW.

@katu unfortunately the 'last day' is generally THE settlement date, its not common to settle beforehand and there's often penalty interest for buyers to settle after this date.

 

thanks, this is true!

 

I'm pretty sure that all 11 of my purchases settled on the settlement date (hence the name).

 

Hence why it's called settlement date.

 

The last day is the settlement date. I’ve never heard of it happening before the settlement date. It is sometimes delayed and happens after the agreed settlement date. If it’s delayed you can ask the vendor if you can still move in as planned, they may say no but it’s worth asking.

 

Also used in cookery "thyme is not an essence".

 

Our last contract took 18 months from exchange to settlement.

12 months to go from exchange to unconditional and 6 months from unconditional to settlement.

It was a cash contract, with no B&P.

Our buyer’s property was being resumed by government and our contract was conditional on them receiving sufficient funds from the resumption to complete our sale.

Lucky it wasn’t in NSW.

 

I have found it very difficult and only got settlement done in under 30 days once , Auctions are usually 2 months. I have found 3 months or loinger most common.

 

In Vic stamp duty is due 30 days after settlement

 

Lucky you weren't in a hurry.