Keys, Codes, and Clean Slates: Understanding Possession at Settlement

Ensuring a smooth property settlement requires careful attention to possession details. At Rothschild Group, we guide buyers and sellers through the legal aspects of property handover to ensure a seamless transition.

Key Considerations for Possession at Settlement

1. Vacant Possession Requirements

• Upon settlement, the seller must vacate the property unless otherwise agreed.
• All personal belongings, vehicles, and rubbish must be removed before handover.
• Only the chattels included in the sale contract should remain on the property.

2. Seller Occupancy After Settlement

• If the seller is living in the property, they are entitled to stay until noon the day after settlement.
• Any damage or maintenance issues arising during this period remain the seller’s responsibility.

3. Handling Tenanted Properties

• Buyers should review any existing tenancy agreements before purchase.
• If the property is under a fixed-term lease, the tenant’s rights continue post-settlement.
• For periodic leases, the buyer must provide a minimum of 30 days’ notice for vacant possession.

4. Legal Support for Possession Issues

• If a seller fails to vacate the property as agreed, legal action may be necessary.
• Buyers should seek legal assistance to enforce their right to possession.

Ensuring a Smooth Settlement Process

Understanding the legalities of property possession ensures a stress-free transition. Whether buying or selling, clear agreements and legal guidance can prevent disputes and delays.

Need expert legal support for property settlements? Contact Rothschild Group today for professional legal assistance.