In-home sales, sometimes purchasers want to move to their new property before the settlement date. It usually happens, when buyers’ house lease has ended or they sold their current homes for buying a new one. This is why they need to move to their new home immediately.
If you are also a home purchaser, find a property, and want to move before the closing date, then you can get help from a property lawyer. A reputable experienced conveyancer will handle your request for early settlement and ensure both parties(buyer and seller) are clear about their rights and obligations.
In this write-up, we have mentioned important information that will help you while moving to a new home before the settlement.
So, let’s have a look!!
Why Do You Want To Move Into A New Home Before The Settlement Date?
Here are some reasons for moving home before the closing date;
- Availability: The first and most important reason is the property is vacant that you want to buy. And the vendor agrees to give you access to it before the closing date is finalized.
- Convenience: The other reason you want to shift into your new home before the settlement is finalized because;
- It can give you extra time for making arrangements to move into a new place.
- You want to finish a home improvement project on your old residence.
- Necessity: In some cases such as you sold your previous home for purchasing the new one or want to live in a new place immediately.
In such above cases, you may want to move into a new property before the closing date.
Can You Move To A New Property Before the Closing Date?
Sometimes you may face a tough situation if your previous apartment lease ended before the settlement date or if you already sell your current home. In such situations, can you move into your new apartment before the closing date? Or does the seller allow you to do this?
The answer is yes, you can move to a new property before the settlement date if the home is vacant that you want to buy. And if, the seller agrees to do this.
Additionally, you can keep several things in mind while shifting into a new property before the closing date. You can take legal advice from the conveyancers before asking for early possession from the vendor, or when agreeing to move into your new home. This way, they handle your request for an early closing and ensure that both buyers and vendors are familiar with their rights and obligations.
Things To Consider When Moving Into A New Home Before The Settlement
There are several things that you have to consider when moving into a new apartment before the settlement date. For example, a license agreement must be prepared that helps to cover the rights and interests of both parties.
What Is A License Agreement?
It is a binding agreement between the sellers and purchasers. A license agreement enables vendors to allow the buyers to use their property before the settlement date.
Who Prepares The License Agreement?
The license is usually prepared by the vendors and the buyer’s conveyancers. Sometimes the seller may charge some fees to the buyers to move into their property before the settlement.
Know About Specific Conditions In the Standard Contract
The contract of sale outlines some conditions for early settlement. These include;
- As a purchaser, you should maintain the property in the same condition until the closing date occurs.
- The sellers must enter a home that they want to sell and inspect their property before the settlement is finalized.
- The home that you want to buy should be insured according to the vendor’s satisfaction.
- Sometimes, sellers add some charges on fees to you for moving into the property before the settlement.
Other Factors To Consider When Moving To A New House
Here are some factors that you need to know before moving;
- As a property purchaser, you should be aware of your rights and responsibilities before signing a contract or agreement.
- You need to review the specific details of the contract when agreeing to move home before the closing date.
- The other step is to know the cost before purchasing a residential property.
- If you want to move into the new apartment before the closing date, you must agree to maintain the home in the same condition until the closing date happens.
- As a home buyer, you will manage all the outgoings such as water rates, gas rates, electricity, and much more from the date of settlement.
These are the important steps that you should consider before purchasing a residential property.
How Can Conveyancer Help?
Well, early settlements are not popular these days. But some home purchasers want to consider it because they have their own objectives and requirements. So, when purchasing a new house before the closing date, you can get help from the conveyancers. Experienced and reputable property lawyers can assist you in various ways. With the help of property lawyers, you can feel stress-free and save your time and money. Here are some examples of how they help you;
- The conveyancer will manage your property process from day one.
- Property lawyers help you by preparing all the legal documents that you need to buy a property.
- They make license agreements that you need to sign when purchasing a home before the settlement date.
- The property conveyancer reviews your property contract and helps you to understand the legal terms that the contract includes.
As a home purchaser, if you find the legal property that you want to buy, but want to move into before the settlement date occurs. Then, you should keep several things in mind such as requesting your vendor for early settlement, knowing about the detailed information of a license agreement, and much more.
Additionally, you can take assistance from experienced and professional conveyancers who can help in many ways. They prepare legal documents, review contracts in detail, negotiate property on your behalf, etc. All in all, these would be helpful for you while moving into a new house before the settlement date occurs.