Reaching settlement on your property should be a smooth process, but too often, small errors can lead to delays, financial surprises, or added stress. Whether you're buying or selling, avoiding these common settlement mistakes will help ensure everything goes according to plan.

Rushing the Contract

Signing a contract is a major commitment, yet many buyers and sellers rush through the terms without fully understanding them.

Why It’s a Mistake:

• Overlooking important details like special conditions, settlement dates, or deposit requirements can cause major issues later.

• Misreading contract clauses can result in unexpected costs or obligations.

How to Avoid It:

1. Review all terms carefully before signing—don’t feel pressured to rush.

2. Seek legal advice if you're unsure about any part of the contract.

3. Confirm due dates and key conditions to avoid breaching the contract.

Delays in Organising Finance

Finance delays are one of the most common reasons settlements fall through or get postponed.

Why It’s a Mistake:

• Not having formal finance approval can put your purchase at risk.

• Banks require time to process loan approvals, and last-minute applications can delay settlement.

How to Avoid It:

1. Get pre-approved finance before making an offer to speed up the process.

2. Provide all required documents to your lender as early as possible.

3. Stay in regular contact with your broker or bank to ensure there are no      unexpected issues.

Skipping Inspections

Many buyers assume that because a property looks good on the surface, there won’t be any issues—but skipping inspections can lead to costly surprises.

Why It’s a Mistake:

• Structural, electrical, or pest problems might go unnoticed until after settlement.

• Many contracts include a final inspection clause, allowing you to      confirm the property is in the same condition as when you agreed to buy it.

How to Avoid It:

1. Trackinspection dates and ensure pest, structural, and electrical checks are completed before settlement.

2. Use your final inspection rights to verify the property is as agreed.

3. Act fast if issues arise—speak to your conveyancer about your rights before settlement is finalised.

Forgetting to Pack Identification

You’ll need valid identification for settlement documents and financial transactions, but many people forget to keep it accessible.

Why It’s a Mistake:

• Settlement      agents, real estate agents, and banks require ID for verification.

• If      you’re signing documents digitally (e.g., through DocuSign), you may still      need ID verification.

How to Avoid It:

1. Keep ID separate from packed belongings to avoid delays.

2. Ensure you have a valid passport, driver’s licence, birth certificate, and Medicare card readily available.

3. Check ID requirements in advance - some banks or agents may need additional      verification.

A Smooth Settlement Starts with Preparation

By taking the time to review your contract, secure your finances early, schedule inspections, and keep your ID handy, you’ll avoid unnecessary stress and ensure your property settlement goes smoothly.

Safety Bay Settlements is here to help!

Have questions? Contact us at (08) 9527 2233.