Dean Lupson
term? If so, be aware that there may be exit fees.
If you find a suitable property to downsize into rather quickly,
then do you have the finances to pay a deposit on your new
property without selling and settling on the sale of your
family home first? Can you afford Bridging Finance or a Bank
Guarantee?
In Victoria, should you sell your home but not settle in the
standard 30 days and opt for a longer settlement, then your
solicitor can request a Section 27 from the purchaser once the
sale goes unconditional. If agreed to, a Section 27 allows for the
early release of your deposit, allowing you to use the funds to
secure the purchase of another property prior to settlement of
your home. This is becoming a common practice for downsizers
as it allows them to place a deposit on their new property
without dipping into personal savings or superannuation funds
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