Settlement obligations all Seller’s should consider

Selling a property involves a series of intricate procedures, each contributing to the successful transfer of ownership. Amidst negotiations and preparations, one pivotal aspect often stands out: the moment of settlement. While most sellers focus on financial aspects, such as the sale price, it's essential not to overlook another critical element – the exchange of documents and keys.

Did you know that as a seller, you are obligated to provide specific documents and keys during settlement, and failing to do so can have significant consequences for the transaction?

It's important to note that if the requested documents are not provided prior to settlement, the buyer holds the right to terminate the agreement. In other words, if you, as the seller, fail to provide the necessary documents within the stipulated time frame, the buyer might opt to withdraw from the deal at the eleventh hour. This underscores the significance of proactive communication and cooperation between both parties and their respective legal representatives.

Furthermore, during this critical period, it's customary for the real estate agent to retain possession of the keys until they receive official confirmation from the legal representatives of both the buyer and the seller that the settlement has been successfully finalised. This additional step ensures a smoother transition and reduces the risk of potential disputes or misunderstandings.

Sellers should prioritise the timely provision of necessary documents and ensure the smooth handover of keys. By fulfilling these obligations, you pave the way for a seamless and stress-free property sale.

Thank you to Rebecca Petroff from Sunstate Conveyancing for sharing this important information with us.