Vendors To Do List
Vendors conditions on settlement
You’ve gone through the selling process, had the purchaser on the ‘hook’, the contract is finally unconditional and now you’re gearing yourself up for shifting and settlement day.
Your focus is on the shift, cancelling utilities and looking forward to the next house. But wait, take a moment to pause and consider your obligations as a Vendor – what are they?
Did you know:
- It is a condition of settlement to provide all keys and remotes to all lockable doors and windows. Failure to do so, causing the purchaser to obtain locksmiths can cause retentions on settlement day.
- Vendors warranties in respect of chattels are now quite stringent. The obligation is for all chattels and any equipment or systems that provide services to the property eg: heating, air-conditioning, or the like, are to be in reasonable working order on settlement. That means if your heat pump suddenly stops providing heat and maybe too old to fix or get parts for, the Vendor could be required to provide a new working heat pump.
- Finally, you might take some time to consider whether there is any damage to the property and what is damage? Damage not causing the property to be untenantable renders the property subject to an insurance claim, fixing or possible retention. The property should be in the same state of repair as when the purchaser entered into the contract, but what say you removed Tv’s, mirrors, pictures leaving holes – some purchaser’s might consider this damage.
Its always a good idea to check with your lawyer when signing the final paperwork if you have any concerns.