Throughout years of selling real estate, we come into a few situations here and there where circumstances are a little different and other arrangements need to be made to accommodate everyone. One that comes up, yet not too common, are buyers needing to move into a property prior to the settlement.

Once a property is unconditional and both buyer and seller are contractually locked in to see the transfer of title through, then there are a couple of options. If a property is vacant or the owner is ok to move out sooner, the one option is a buyer can sign a lease agreement with an owner and pay rent for the time they are in the property. This is a straight forward method and protects everyone in ways of liability.

Another option, which we execute more often than not, is having the two parties organise a license agreement. What this does is waver the liability of the current vendor and transfers it to the purchaser. From that moment on, the purchaser will need to organise insurance for the property to safeguard themselves for any public liability claims that may occur. The process is quite simple, if you keep an open line with your conveyancer and have them organise it, it can all be sorted out within a day or two.

These are the two best ways to gain access to your newly bought property prior to settlement. If you are in a situation that needs you in early, then speak with your agent and conveyancer immediately and have them guide you through the process.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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