Our Client

Our client was the Vendor of a tenanted investment property which was sold immediately after its first inspection.

The Challenge

Our client wished to sell their investment property as quickly as possible – they had an ambitious deadline. The Contract of Sale was signed setting out a settlement period (the time between the day the Contract of Sale is signed and the day the property ownership is transferred) of just one week – an extremely short timeline in contrast to the usual settlement period of 30 to 90 days during  which all parties – the vendor, purchaser, and banks – prepare for settlement.

The Solution

Being ready for the settlement deadline came down to being proactive. We communicated with all parties involved to make sure tasks were done as early as possible.

We worked closely with the discharging mortgagee to expedite their process – and they were ready for settlement within 2 days.

The real estate agent was also able to organise the purchaser’s building and pest inspection in a very quick timeframe, coordinating well with the tenants of the property.

The Win

Everybody was ready for settlement within the week and it went ahead as planned in the Contract of Sale. Our client was blown away that we were able to make such a short settlement period work.

The Lessons

• Communicating with your conveyancer from the very beginning is key – from the get-go we knew what our client’s ideal timeline was and had plans in place to achieve it.
• Engage a very experienced conveyancer who understands all facets of the settlement process, so that they can work more closely with other parties when they need to.
• Complete the tasks that your conveyancer needs you to do as soon as possible – for some processes, such as discharging a mortgage, the client needs to play their part before the conveyancer can play theirs.