The festive season is nearly upon us and as we look to settle into holiday mode, we need to be mindful that many business will be doing the same.
Purchasing a new home at Christmas time surely is a wonderful way to start the New Year, but what some buyers often don’t consider is the potential settlement delays around public holidays which will make moving into their new home a long and sometimes frustrating process.
Typically, six weeks is enough time to allow between the contract of sale and the settlement date, but with several public holidays during the holiday period, delays in building inspections and termite clearances are a reality, particularly if workers are on leave. For this reason, it would be wise allow extra time for settlement in the months of December and January.
Valerie DeCosta, Licensee of Evolution Settlements, says having a realistic time-frame is the key during this period.
“I think from a timing perspective it is important for sellers, buyers and agents to have a realistic expectation about the achievability of settlement dates that fall due in early January.
“Lenders, settlement agents and Office of State Revenue processing times will often slow considerably in late December and early January due to public holidays, staff leave and office closures. Sellers and buyers should be mindful of returning documentation as quickly as possible and ensure they structure their settlement dates to allow for sufficient time over the Christmas/New Year period” said Mrs DeCosta.