Psaros / News

Settlement FAQ and things you need to know

Please see below the most frequently asked questions about settlement.

1. What if I am unable to settle on the day, for example, my bank is not quite ready?

As the developer incurs real costs as a consequence of delayed settlements, penalty interest will be charged for each day that you are late. There is no 3 day grace period. Extensions will not normally be granted if you or your bank is running late.

2. What if I am going to be overseas or away at settlement?

If you will be overseas or otherwise away at the time of settlement it is imperative that you organise for this contingency with your settlement agent in advance as extensions of settlement for this reasons of absence will not be granted and penalties for late settlement will be charged.

3. What if I still have some outstanding items on my Defects List?

As per the contract, outstanding defects items will not entitle the Buyer to any delay in settlement, nor will they entitle the buyer to further inspections after they have conducted their final inspection. Unlike a “normal” sale where risk passes from the Seller to the Buyer at settlement, the Seller remains obligated to address defects for a period of 6 months from the date of the Construction Compliance Certificate. This means that defects identified during this period post settlement will also be addressed as per the process outlined in the handover manual.

4. Can I get access to my apartment prior to Settlement after my final inspection?  What about my Property Manager or prospective tenants?

The short answer is no. Due to our Insurance and Occupational Health and Safety requirements, the site remains a restricted access site up until settlement and any visitation must be accompanied by a representative of the Builder and wear appropriate clothing, footwear and safety equipment (hi-viz, hard hats and enclosed shoes). It is simply not practical or possible to accommodate ad hoc requests for access.

5. Can I get access to install window treatments or for appliance installers/deliveries prior to settlement?

Again, the short answer is no. As we are liable for any damage to the apartment prior to settlement we will not allow third party access.

6. When and where can I collect my keys?

We can handover your keys after our settlement agent notifies us in writing that settlement has been effected. Please note that it is not uncommon for settlements to be delayed at the last minute or pushed back an hour or so by a Bank that may be running late or for some other procedural reason. Even if your settlement is scheduled to occur at a certain time it may be delayed. We cannot hand over keys unless we have written confirmation, so it is best to make sure settlement has actually taken place before you come to collect your keys. Keys will be available from our office during business hours.