Its nearly time for the champagne. After searching for months and finally finding the perfect home, getting your finance in order and submitting document after document it’s now settlement day. So what does this mean?
Settlement is the final step in securing the home of your dreams. At this stage the legal process of transferring property ownership from one owner to another occurs. This is a process coordinated by legal and financial representatives of the buyer and the seller.
Your settlement day is set and agreed upon by both parties and is in the contract of sale. Your solicitor or conveyancer and your lender will meet with the seller’s solicitor or conveyancer to sign all documents. It is important to understand the settlement process what happens so you as the buyer or seller can be prepared for it.
Your lender will:
You as the seller should ensure with your solicitor all the following have been checked:
The agent is to arrange a final inspection this is usually booked in the week before settlement date. This inspection is to ensure the seller is handing over the property to you in the exact same condition as when it was sold.
Its now time to celebrate! Once you have received notification settlement has be finalised you can now arrange to pick up the keys from your agent. Don't forget to arrange for all your utilities to be transferred to your new address.