The property purchase process involves various legal, financial and administrative tasks with all parties involved, such as agents, property lawyers/conveyancers and banks working hard to ensure a smooth property transaction. Unfortunately, issues can arise that prevent settlement from taking place on time.


Settlement Delays can be caused due to various reasons. The most common causes why settlements are delayed are:


  1. Bank Complications: In instances where a purchaser is obtaining a home loan to purchase a property, settlement cannot occur until the bank is ready. The reasons why the bank may not be ready to settle on time can include slow processing times, administrative errors or they are waiting on certain documents or information from the client.


  1. Final Inspection Issues: The final inspection is the purchaser’s final opportunity to voice any concerns with the property before settlement takes place. If the purchaser has negotiated with the vendor that a defect in the property is to be fixed before settlement, the purchaser can refuse to settle until the issue is fixed.


  1. Late Documentation: Being tardy in submitting pertinent legal documents, either to relevant government bodies or to financial institutions, might take a considerable amount of time, eventually delaying your settlement.


  1. Vendor delays: Vendors can also delay settlement if they have not fully moved out of the property or a tenant has not moved out of the property where the property is to be vacant on settlement.


To avoid all the fuss of having the settlement delayed: being organised. This applies to every step of your home purchase, from home-loan application to filing the necessary documents to government institutions. It also pays to have open communication lines with your seller and your agent. Keep everyone in the loop to ensure that important news is disseminated across all parties involved.