vendor wants settlement when we are overseas


We are negotiating on an IP except we will be overseas by the time the property settles.

We are away for a quite a lot of time, hence no matter which way we push settlement we will still be away.

Do we have to be here when settlement occurs?

cheers :)
No you dont. Your solicitor/conveyancer looks after it all. The only issue might be if you want to conduct a final inspection before settlement.
I had to sign an EPA for my wife to sign on my behalf when I was o/s. I also had to give a letter to the bank stating that my wife is able to sign for me.

Make sure to speak with your solicitor / financier to arrange these things before you leave.
We do this a lot in reverse. Our clients are overseas and we settle in Australia on property they are buying sight-unseen on our say so. It works fine.

As the others have said, you just need to arrange it with your solicitor before you go. You could actually sign everything you need to before departure (or do a POA).

I did just that a few months ago......settled on 2 properties while away for 2 months.....No problems.

I did inform everyone involved in the transaction however, (i.e. RE Agent, Conveyancer, Accountant, Financier) that I would be away, and that I would check emails every day. (This internet is a good thing....):)

My conveyancer gave me an estimated settlement cost, based on the outstanding searches to be done and I through in an extra $10,000 into the conveyancers account.

Once both properties settled, they sent out a refund for the balance.

Worked out very smoothly...........did have alot of letters to run through though when eventually got back home.


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As others have said- easy. Check with your lender and solicitor the procedures required before you leave. Re: PSI. If you can get a friend or colleague to do this on your behalf, make sure you do so a couple of days prior to settlement so if anything is amiss it can be rectified in time.
Lots of ppl neglect the opportunity of conducting a PSI, sometimes with unfortunate results. Once it's settled, it's too late to make claims.
As long as all the paperwork is finalised.

We signed all the papers that the bank asked us to. Then I went on holidays. I got a phone call that "I" forgot to sign one paper.

It was stating the loan was for investment purposes.

I had to get to a computer. Print it out. Sign it and find a fax machine to send it back.
When I returned the lender told me it wasn't written on my insurance that St George was the first mortgage so she took out their insurance for me. She didn't want to ring me again while I was on holidays (how thoughtful):rolleyes:
She had previously tried to push their insurance. I had 21 days to cancel. I took in my policy and pointed out where it was written and after her still trying to talk me into it I said cancel it.
THEN I got a debit in my account for the insurance $24.50.
I rang the bank manager who cancelled it (it was him that didn't photocopy the back of the insurance with the mortgagee details).

Fun and games. Everything (other than that went smoothly. The bank arranged for all the cheques to be withdrawn from the account so I didn't need to get any cheques.