“How much flexibility can I ask for in my settlement date?”
I’m assuming you haven’t exchanged contracts yet. Once you have, then the settlement process is usually the last hurdle you’ll have to jump before the keys to your new property are in your hand.
While you’re in the negotiation phase you’ll see that your Contract of Sale usually includes a clause clarifying the settlement as taking place 42 days (6 weeks) from exchange of Contracts. Settlement date must be mutually agreed so there is a certain amount of ‘wriggle room’ and if you state from the outset that you need more/less time, then you have the opportunity to reach a mutually agreed outcome before everything is set in stone. It’s important to understand that once contracts have been exchanged, should you ask for an extension, the vendor has the right to refuse. Regardless of the settlement time frame, you should have your finances in order, including all fees and duties; undertaken all necessary due diligence on the property; taken out home insurance; booked in your power connection, telephone connection, conducted your pre-settlement inspection and kept your legal representative and Agent up to date on your position.
