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Date of settlement refers to the specific day when the property's ownership officially transfers from the seller to the buyer.
Date of settlement refers to the specific day when the property's ownership officially transfers from the seller to the buyer. It is the date on which the buyer pays the remaining purchase amount, and both parties fulfil their contractual obligations.
The agreed-upon settlement date specified in the sales contract can only be changed if both parties agree. This provision is designed to ensure fairness for both the buyer and the seller. While the buyer can request an extension, it's important to note that the seller has the contractual right to impose penalty interest in such cases.
If one party fails to fulfil their obligations during the settlement period, it can lead to complications in the transaction. For instance, if the buyer doesn't secure financing or the seller doesn't address agreed-upon repairs, it may result in delays or even termination of the sale.
On average, the settlement period typically lasts 6 weeks after the exchange of contracts. During this 6 week period, both seller and buyer undergo an intensive administrative process, during which the home buyer has the opportunity to arrange a professional inspection of the property.
A qualified professional assesses the home, examining it for significant issues pertaining to plumbing, electrical systems, pest infestations, potential hazards, and adherence to local building codes.
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