How frequently does a settlement date (for a property sale) get postponed?
March 30, 2011 12:02 AM Subscribe
How common is it for settlement (on a house purchase) to be delayed?
posted by lollusc to Home & Garden (6 answers total)
We are buying a house. There is no real reason to expect that settlement won't be smooth. We are all approved for our finance; our lawyer and broker say the date will be fine. The vendor's bank is the only uncertainty from our point of view.
But I basically have two choices when booking things like removalists, power/phone/internet, end of lease cleaning etc:
1. assume that settlement will most likely go through on the planned day. Book things accordingly. Risk losing a few hundred dollars if it doesn't.
2. assume that settlement will most likely be delayed. Book things accordingly. Lose a similar amount of money (due to rebookings and/or paying extra unnecessary rent, etc) if it is on time.
Basically, should I bet for or against an on-time settlement? Neither scenario is going to bankrupt me, but I'd like to know the most likely outcome.
Reading around on the internet I find lots of horror stories about settlement dates not working out, but it's hard to tell if that's just because people tend to write more about things that go wrong than things that go right.
Does anyone have any hard data on how frequently settlements get delayed? Or soft anecdata about their own? (Especially people who have bought and sold multiple properties, or know a lot of other people who have.)
And when settlements get delayed, is it usually just by a couple of days, or by weeks?