Property Settlement Hints
These hints are applicable for Queensland only. Legal advice should also be sought.
When you have a property settlement, deciding the time to start your move can be very confusing. To keep it simple and ensure an easy, stress free move, we have formulated the following advice:
Single Property Settlements:
If possible, when buying, move in the day AFTER settlement. If selling, move out the day BEFORE settlement.
Double Property Settlements:
If you are selling AND buying and the contracts have been organised so they settle on the same day, then you have a double property settlement.
When you have a double property settlement, it is vital that you organise the timing of your move.
Solicitors are bound to advise their customers on the legal situation. Simply put, you should move out of your present home BEFORE settlement and not move into your new home until AFTER settlement. The actual settlement time is subject to agreement of all parties (including solicitors, finance people, etc) and will not be set until about three days prior to the event. Many settlement times get changed on the actual day. Having your movers meet these unpredictable time constraints becomes almost impossible.
To overcome this dilemma, we recommend you follow this procedure:
1. Directly (or use your real estate agent) contact all other parties, and agree on a time that best suits everyone.
2. After agreement has been reached, advise your solicitor of the arrangements.
3. Now is the time to book your moving service.
Also, consider the following:
- If the people whom you are buying from are moving before settlement day, then try and access the keys and start moving first thing on settlement day.
- If the people who are purchasing your present property are not moving until after settlement day, then you may consider a move on the afternoon of the settlement day.
- If everyone is moving on the same day, then have everyone start their moving services at the same time.
- Try not to get involved in moving across the settlement time. Should you encounter problems, call us for advice.
- Separate Settlement Dates
- If you are buying AND selling, and the settlement dates are not the same day, then we suggest you attempt to rent one of the properties. Failing this attempt, store your items on one of the properties (in a garage etc). Only as a last resort should you consider using a storage company as it almost doubles your moving costs. However, we can advise you of suitable storage if it is needed.