Want to avoid the stress of moving out of your house and into your new house on the same day?
The reality for many of our clients is that they need the funds from the sale of one property to purchase the next property. This is what is known as a simultaneous settlement and essentially means that both your sale and your purchase settle on the same day and at the same time.
As Solicitors in Property Law we are often faced with the question “how am I meant to be out of one property and in the new property at the same time?”.
The short answer is you need to be packed up from your property and hand the keys in to the real estate agent before you will get the keys to start moving into your new property unless you have made alternative arrangements.
An option you have available to you is to put a rent back clause in your Contract for Sale which allows you to remain in occupation of the property for a short period following settlement, in exchange for payment to the Purchaser of a nominal sum of rent. This will allow you time to settle your sale and your purchase, and then use the rent back period to physically move your furniture and personal belongings over a period of time.
Another option you may have available to you if you are purchasing a property is to negotiate (with the assistance of the agent) access to either a garage or shed to store furniture and personal belongings at the property in the days leading up to settlement to alleviate the burden of moving everything at once on the day of settlement.
When you are selling a property it is important to remember that you are the Vendor, and you have the ability to dictate the terms of the Contract. Whilst there is a fine line between dictating terms that may turn some buyers off, it is always worth posing the question to the agent and/or your Solicitor to see what they suggest.
Contact us today to discuss your sale and purchase and one of our experienced Solicitors will be able to guide you through the process, and provide you with options that may make your life easier come settlement day.
This article was published on 07/10/22 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.
