what happens on Settlement day?

Hi All we bought a house in NSW in December. Our settlement is on Fri 2nd February. Our loan is approved from westpac, we created the accounts and received loan papers etc. Already deposited the 10% to the real estate agent at the time of contract exchange.

Now we want move in to the house on Sat 3rd February. Is it possible to finish all the formalities on the day of settlement on 2nd February and get the keys on the same day? Or does it take a few more days? I already booked removals on 3rd February, next day of the settlement date, Should i reschedule the removalist? I am so worried now.

Thanks in advance

 

Yes, if it settles, you go and get the keys etc and start doing as you planned.

but

There can be things that delay settlement.

If you have booked removals, and place does not settle, most removalists will have options such as keep it in truck till next day, or put in storage.

No matter who you are, things can go wrong, but the sun will keep setting and rising

 

Settlement isn't the big deal that people tend to think it is. A few clerks meet, exchange some paperwork and some cheques, then it's done. Usually about 5-10 minutes. It's usually done in a large room with multiple standing tables and multiple settlements are happening all at the same time. Fridays are especially busy.

Assuming all the paperwork and cheques are in order, the settlement is completed and you're notified shortly afterwards. You can then pick up the keys from the agent and start moving that afternoon.

Sometimes things do go wrong for all sorts of reasons. It's usually not a big deal and the property settles later that day or the following day. For this reason I generally suggest not to settle on a Friday. Tuesday or Wednesday tend to be the best days to settle.

 

+1

Yeah, I always aim for a Wednesday settlement.

Mondays and Tuesdays for the vendors to vacate, final clean-up, for me to conduct the pre-settlement inspection, ...

Wednesdays for settlement.

Thursdays in case something goes wrong.

Thursdays/Fridays to do what I need to do.

I hate Monday and Friday settlements.

 

Best to assume settlement won't happen on Friday.
I have seen many people's plans stuffed up because settlement was delayed. Imagine you have a removalist booked but cannot access the property till Monday or Tuesday

Legal Tip 45: Avoid Agreeing to Settle a Property on a Friday https://propertychat.com.au/community/threads/legal-tip-45-avoid-agreeing-to-settle-a-property-on-a-friday.2320/
.

 

Oh God, this is horrifying. at the time of exchange we asked the RE agent, our lender, solicitor and everyone that can we move in on the next day of settlement and everyone said yes go ahead and book the removalist. This is so concerning. I will have to get our staff in a storage and that will be a nightmare. I will try to move the settlement 1-2 days early. The seller is moving out this weekend and adviced us to connect NBN etc from Mon 29th. They also informed us that the property will be vacant and available for inspection from Wed 1st Feb.

I have had no idea that settlement could go wrong! i dont know what to do!!
I spoke to my lender. said they had everything ready but things can go wrong from solicitor end/ sellers mortage issue and so on

 

It's usually the bank that goes wrong, often the seller's bank. They are often losing a client and just don't seem to care about complying with deadlines. Banks on the way in can be bad also. We do hundreds of settlements are month, and would have 1 or 2 a day that are extended

 

Having worked in real estate for 10 plus years I can say in my experience 95% of my settlements have gone through as scheduled.

 

If they are moving out they might let you in even though settlement hasn't happened. Speak to your lawyer about moving in without permission too!

 

Thanks Terry I will ask our solicitor on Monday

 

If your settlement is already booked and you've got the remaining funds where they need to be, odds are you're fine.

Given a choice I wouldn't settle on a Friday, but that doesn't mean the sky is falling.

 

Then they head off to the pub. If you're lucky, they'll come back to the office with the paperwork and cheques.