Settlement: The Day After Contract Exchange?

Discussion in 'The Buying & Selling Process' started by izzy16, 11th Feb, 2017.

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  1. izzy16

    izzy16 Well-Known Member

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    I just received a contract for a property and it states on the front page that settlement is:

    "day after the contract date"

    Usually it says 42 days after contract date or something similar.

    My question is - why would a seller do this? And how could this be possible if we need to get a bank valuation done etc after exchange?

    I've forwarded to my conveyancer to go over and it's something we could amend but I'm very curious in the meantime as I've never seen it before.
     
    izzy16, 11th Feb, 2017
    #1
  2. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Melbourne
    Impossible in Victoria. Theoretically it can be done in three weeks, but 30-45 day minimum is my strong preference.
     
    KateAshmor, 11th Feb, 2017
    #2
  3. Terry_w

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

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    You wouldn't be able to do if if financing by way of mortgaging it
     
    Terry_w, 11th Feb, 2017
    #3
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    It could be up for negotiation ie insert "47th", "12th" or "253rd" as the time frame hasn't been set.
     
    Scott No Mates, 11th Feb, 2017
    #4