Settlement Prior to Christmas Break - what are the chances

Discussion in 'Loans & Mortgage Brokers' started by Justin23, 9th Dec, 2016.

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Completion prior to Christmas in your experience

  1. Yes

    3 vote(s)
    27.3%
  2. NO

    5 vote(s)
    45.5%
  3. Maybe

    3 vote(s)
    27.3%
  1. Justin23

    Justin23 Active Member

    Joined:
    9th Dec, 2016
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    Sydney
    Wondering what the chances are as we are currently selling a property,
    Situation
    Contract unconditional 1/12/16
    Completion date on contract 20/1/17
    Special conditions in contract around if completion is prior Christmas, Buyer gets some inclusions in the house and if after Christmas they have to pay an addition $1000 , i.e. 20/1/17 would incur the $1000 payable to us.

    From what I understand all the loan documents where submitted Monday, Tuesday.
    The buyer is using a broker and the loan is through NAB

    All Parties (solicitor , broker & purchaser ) are saying yes we want to complete before Christmas,
    I just wanted to ask what are the chances ?
    Can I do anything to push them along as we have a financial gain by having it completed prior to Christmas break ?

    Thanks everyone for your help
     
  2. Marg4000

    Marg4000 Well-Known Member

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    Make sure paperwork at your end is in order.
    Many contracts fail to settle on time because of delays in owner's paperwork, I.e., mortgage release documents etc.
    marg
     
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  3. Propertunity

    Propertunity Well-Known Member

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    If you have a mortgage on the property, sometimes the outgoing mortgagee, who has no interest in hurrying to lose you as borrowers paying interest, can go slow or 'lose' the title deeds someplace, delaying things.
     
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I was going to give you a good chance, until I saw the letters NAB!

    But you could still do it if everything goes smoothly.
     
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  5. tobe

    tobe Well-Known Member

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    Ive had one with Nab since the 25th November, and they cant confirm if we can settle on the 23rd December.
     
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  6. larrylarry

    larrylarry Well-Known Member

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    Be prepared to settle after Christmas. Many people are rushing in to buy or sell around this time. If every document and process are smooth without hiccups, possible. i think 23rd is the last day to settle.
     
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  7. Justin23

    Justin23 Active Member

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    Thank you everyone, Yes I will get onto my bank now around being prepared with our discharge. Hoping it goes smoothly :) Any one know of making it more urgent on NAB's side?
     
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Every year there is a big rush to settle before Christmas - I wonder why people buy at this time? Nov/early Dec - maybe because its spring?
     
  9. Justin23

    Justin23 Active Member

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    Yeah i would say it is because of spring, a bit more stock comes on from what i understand in spring. We want to get it done due to land tax
     
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  10. dabbler

    dabbler Well-Known Member

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    If it is in Sydney or NSW, maybe no LT for next year as is under contract, check with OSR
     
  11. Corey Batt

    Corey Batt Well-Known Member

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    Spring, psychological hurdles of 'making sure they do x within the year'.

    I find there's a massive uptick in clients purchasing investments in December who come out the woodwork as they want to make sure they keep on their self imposed targets (i want to buy 1 property a year etc), and likewise those fishing for bargains knowing many people will take a hit to the price knowing they can have it all sold by Christmas time so they can relax.

    Then comes January where new inquiries come with all the New Years resolutions crowd of people deciding this year is finally the year to take control of their financial future.

    People are funny things. :)
     
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    We is very predictable

    ta

    rolf
     
  13. Dean Collins

    Dean Collins Well-Known Member

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    its my understanding NSW Land Tax is based on settlement NOT contract signing/exchange.

    I called them recently to ask if we would need to pay tax on a property PURCHASED in December but not settled until the 30th of Jan.

    Have I been given incorrect information or am I correct?
     
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  14. dabbler

    dabbler Well-Known Member

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    It depends, if the vendor has possession of the property.
     
  15. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    You've summed it up perfectly - that's been my experience over the years too. I thought we'd be winding down with work but the last two weeks have been crazy.
     
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Tax Tip 95: Land Tax in NSW Between Exchange and Settlement https://propertychat.com.au/communi...-in-nsw-between-exchange-and-settlement.7262/
     
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  17. Justin23

    Justin23 Active Member

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    Hi Everyone, Just wanted to mention some great news! We settled Yesterday! It is possible and it was done :)
     
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  18. larrylarry

    larrylarry Well-Known Member

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    Yay!
     
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  19. Perthguy

    Perthguy Well-Known Member

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    Merry Christmas! :)

    You cut it fine but you made it :cool:
     
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  20. DaveM

    DaveM Well-Known Member

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    3 settlements yesterday 1 today. Renovations already underway:)
     
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