Short settement contract?

I am looking at a unit I would like to buy, the problem is I need to out of my rental fairly soon, just wondering what is the shortest contract possible? What are the hurdles to making a contract short?

 

Mainly whether the seller is willing, and whether the banks can act fast enough. Why arent you speaking to your solicitor about this?

 

a few hours!

 

Ask can you enter possession before settlement - a licence to occupy.

 

Generally 30 days. I wouldn’t try any shorter if a bank is involved.

I’d prefer at least 60 if a refinance or a guarantor was involved and at least 90 for an smsf.

 

I had a client that bought a property and settled in 24 hours once.
For this to happen there would need to be no mortgage on the property and you would need to be paying cash for it or with borrowed funds secured by another property as there would be no time to get a bank loan secured by this property

 

We have settled same day with an incoming bank but no outgoing mortgage (client was extremely high wealth individual). If there is no outgoing mortgage then it is how fast your bank can go, outgoing banks are usually the hold up. Go with Terry's early posession - lic to occupy if you can.