Often, signing on the dotted line for a property can be the greatest moment for both buyer and seller. When you’ve found your ideal property, or you’re going to move on to the next chapter of your life, things can get very emotional.
It’s an exciting time, but the time between purchasing and signing the contract can be quite a tense period. Usually, settlement periods are negotiated between parties. This means they can be variable in how long it takes to cross the Ts and dot the Is, but it’ll all normally come together within 30 days.
It can be really difficult to keep calm during such a stressful time, so here are a few tips that’ll get you through.
1) Communicate With Your Agent
The agent’s role in buying and selling, remains active through the entirety of the transaction. If you have any questions, you should contact the agent at the first moment, rather than worrying yourself silly about how things are going.
If your questions don’t fall within the scope of an agent, they should be able to point you in the right direction.
2) Solicitors Are Key
If you’re buying a property, the role of your solicitor will be key. Solicitors and conveyancers can be useful sources of information, and a key figure in taking the reins on the details of your settlement. They will be there to walk through the fine details of documentation that could be considerable causes of stress.
Make sure that you direct them to any concerns you have early on, to avoid everyone chasing each other – this can add unnecessary tension to the process.
3) Maintain Awareness of Conditions
They say that knowledge is power. So make sure that you seize power early on. In the first instance you need to be aware of conditions of sale. This is especially important if you are required to take action before settling.
Some contracts may involve getting the seller to fix problems or provide documentation before settlements. Make sure that you seek legal advice early on, especially if you feel that you may need some help then. Clarity moving forward to the settlement period will help keep you calm.
4) Contact Your Financier
It’s easy to take the finance and move on. Don’t fall into this trap, as maintaining good communication with your lender is key. Get paperwork in order as soon as possible, so that the lender will have time to approve finance before the settlement date.
Make sure that you don’t leave reading paperwork clauses until the last minute either, as this can cause stress if you’re trying to get your head around the finer details around settlement.
5) Mark The Date
Whilst this might seem a little obvious, you should make the date in bold on every calendar that you own. This way it won’t feel like a nasty shock when the day rolls around.
Once you’ve marked the date, work backwards in order to clarify when you’ll have things done by. This can help to reduce anxiety around the settlement date for both parties – regardless of whether you’re selling or buying.