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Simultaneous Sale & Purchase Settlements

JPLegal

Our client purchased a property and soon after sold the property they were residing in. The client was relying on their sale proceeds to purchase the new property, although the settlement dates did not coincide. The sale settlement was scheduled to occur after the purchase settlement. To avoid the excessive costs of a bridging loan for a short period of time, we negotiated with our client’s purchasers to bring the sale settlement forward to occur simultaneously with our clients purchase settlement. The purchaser was agreeable as the property had been purchased for investment purposes.

To allow our client sufficient time to move between homes, we requested a Licence Agreement be entered into by both parties, permitting our client to remain in their property for a further two weeks after settlement. This alleviated the pressure on our client to have their belongings moved out of one home and into another within the one day.

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