CONVEYANCING BASICS – HOW LONG UNTIL I CAN MOVE INTO MY NEW HOME?
You have found the property that you will soon call home. Contracts have been signed by all parties and have been exchanged so the deal is binding on you and the seller. But how long do you have to wait until you can move in?
The standard settlement period (that is the time between exchange and settlement) is usually between 28 and 42 days. If all parties involved in the transaction are ready, willing and able to settle earlier than the settlement date provided in the Contract, the settlement date can take place earlier if all parties agree.
We will need to notify your bank, if you are taking out a loan, so that all mortgage documents have been prepared and signed in time. The bank then needs to tell us they’re ready for settlement and the loan funds are available. It is important to discuss with us if you would like a shorter settlement as the bank will often 1 weeks’ notice, in advance.
Once all parties have agreed on the new settlement date and the banks are ready, we can proceed to settlement and you can move into your new home.
If you have any questions about the conveyancing process or would like us to act for you, contact us for a quote.