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Whether you can move in to a property on settlement day depends on various factors, including the terms of your contract, any arrangements made with the seller, and the specific circumstances of the property transfer. Here are some considerations:
- Contract Terms: The contract of sale will typically specify the settlement date. It’s essential to ensure that settlement has occurred before moving in, unless a licence agreement has been organised.
- Final Inspections: Before settlement, it’s common for buyers to conduct a final inspection of the property to ensure it’s in the agreed-upon condition. This inspection is often done a day or two before settlement. If the property meets your expectations, you can proceed with settlement and plan to move in afterward.
- Settlement Time: Settlement is predominantly conducted online using the PEXA platform. Ahead of the date of settlement, a time for settlement will be set. This time is indicative only as delays can occur on settlement day which can push settlement out by a few hours. Liaising with your conveyancing on the day of settlement will provide the most accurate estimate of when settlement will occur. You must receive confirmation that settlement has occurred before collecting the keys to move in.
- Keys and Access: You will need to co-ordinate with the seller or their representative to obtain the keys to the property. This may happen immediately after settlement, but arrangements should be made in advance.
- Financial Arrangements: Settlement involves the transfer of funds from the buyer to the seller and the exchange of legal documents. Ensure that all financial arrangements, including payment of the purchase price and any outstanding fees, are in place before attempting to move in.
- Occupancy Agreements: In some cases, the purchaser may request to move into the property earlier, or the seller may request to stay in the property for a short period post-settlement. In these situations, a licence agreement must be in place. A licence agreement is negotiated between the conveyancers for the buyer and seller and outlines the terms of the arrangement including the fees that will be charged.
- Insurance: It’s advisable to arrange insurance coverage for the property from the settlement date. This protects you in case of any unforeseen events or damages that may occur during the moving process.
It’s essential to communicate with your conveyancer throughout the process to ensure that all requirements are met, and the settlement proceeds smoothly. Moving in on settlement day is possible, but it’s important to make sure all necessary arrangements are in place to avoid any complications.
If you have questions and concerns about conveyancing, you may call Red Door Conveyancing at 03 8456 6797 for further details.
