Five most common reasons property settlements fail
Don’t let a failed settlement derail your home ownership dreams. Here’s how.
So much time and energy go into finding the perfect property. There’s the endless online searching, weekends traipsing through home inspections (or virtual tours during COVID-19 lockdowns) and adrenaline-depleting auctions.
But that’s arguably all the fun stuff. It’s what happens after the thrill has fizzled from the chase that can cause a settlement to fail.
“A lot of people use up all their energy to identify a property and finally get the house and the contract and sign it, and they say, ‘Ah, I’m okay now’. But the real stretch is they need to do another hill climb to get settlement,” says Christopher Lane, chief executive of Conveyancing.com.au, an RACV partner business.
So, what can go wrong at the finish line to prevent you getting the keys to your new property? We asked Christopher to explain the most common reasons settlements fail – and how to avoid them.