Hello Everyone
How long are usual settlement periods for deals over $5m? Can they be 6 months long? Can the title be transferred today and settlement occur later? Is it all negotiable between the buyer and seller?
Thank YouHi Choubi.
How long is a piece of string? Regardless of the purchase price, the settlement terms are part of the negotiations between the Vendor/seller and the Purchaser/buyer. Title can change hands ONLY once the Lands & Title office is satisfied that there are no debts, liens or caveats and ALL the conditions of the contract for sale have been met. BUT WHY on Gods little green earth would anyone want a Title to change hands BEFORE Settlement (and those subsequent conditions) have been met? Have you heard of squatters rights and how difficult it can potentially be to evict someone once they have possession of your property? Man, your questions bring to my mind a legal, conveyance, residential tenancies and contractual nightmare.As Alf said, title cannot transfer until settlement, your best bet might be ‘early access’ & approval for a DA. Settlement can be as short or long as you agree. You might even consider a lease with 1st right to purchase.
Great 'outside of the square' thinking Scott – and that's taking you at your opinionated face value best, and after having read between the lines (it's a lawyer thing
)It’s not just the deal that you strike Anthony but how you achieve it.
All based on price and terms that both parties agree to, regardless of the purchase amount
Good work. Thank you for clearing that up guys.
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