What To Do When Settlement is Cancelled

In this week’s episode of The NSW Property Show, I’ll be sharing some tips on what to do when your settlement is cancelled. Nobody likes to hear those dreaded words, “I’m sorry, but your settlement was cancelled.” However, the reality is that settlements do get cancelled from time to time. So it’s good to know what your options are.

First and foremost, it’s important to be flexible with your arrangements. Don’t schedule your removalist for the same day as settlement. Consider arranging short-term storage or accommodation to allow for the gap between settlement and moving in and out. Trust me, it’s worth the extra cost to avoid having to cancel your removalists and incur even more expenses.

If you must move in on the same day as settlement, discuss cancellation and re-booking fees with your removalist in advance. Try to pre-negotiate for them to be waived if the worst comes to worst. And if you’re leasing a property, make sure your notice expires at least a week or two after the scheduled settlement date to avoid any potential conflicts. The last thing you want to worry about is where you’re going to sleep that night.

You can also ask your conveyancer to negotiate whether you could occupy your new property prior to settlement to allow you to move your things in early. Lastly, it’s important to be prepared that things may not go ahead as planned. Buying a property is an emotional event but it helps to approach it with a flexible mindset.

If you’re currently in the process of buying a property, make sure to tune in to this episode of The NSW Property Show to learn more about what to do when settlement is cancelled. You can listen now on Apple Podcasts or Spotify. Happy listening!