Settlement is the day where everything comes together
Settlement is the day you’ve been waiting for. You might not have heard the word many times before now, but trust us, this is your big moment. Settlement is the finalisation
of the sale. This is your ‘signed, sealed, delivered’ moment. After settlement you will officially be the legal owner of your new home! So, make sure the champagne is on ice and we’ll run you through what you can expect.
When is it?
The date for settlement is agreed on in the contract of sale between the buyer and the seller. This amount of time allows for all the work that needs to be done before the sale is finalised. It’s usually around six weeks from the day you signed the contract, but always check your specific settlement date to be sure.
What happens?
The final steps of the sale happen on settlement day. These include:
- Transferring Money
In most cases, property is bought with a loan from a bank. On settlement day, your bank will be ready to release the full remaining amount of the sale price that hasn’t been paid by your deposit. Check to make sure your conveyancer has contacted your bank so that they’re ready to provide the amount required.
- Transferring Titles
Settlement day is also when the seller transfers the property title to the buyer, making you the new legal owner. It also means your name is registered with the council and water authorities.
What do I need to do?
There are a couple of important things you should be aware of for your settlement day. It’s always important to work closely with your conveyancer in the lead up to settlement to make sure everything has been addressed and is ready for settlement.
1. Make sure to do a pre-settlement inspection
A pre-settlement inspection is your opportunity to view the property one last time before the sale becomes official. You may want to make sure that the property is in the same condition as when you last saw it, any requested repairs have been made and inclusions have been left, and nothing has been damaged when the previous owner was moving out. If you spot anything wrong, call your conveyancer right away and get their advice, they may be able to delay settlement until its resolved – which will make sure it’s the seller’s responsibility to fix (and not yours!). Check out our pre-settlement inspection checklist.
2. Don’t book your removalists for your settlement day
A lot needs to come together at settlement. If, for whatever reason, something is delayed (from either side), settlement day will need to be rescheduled, and you could be stranded! If possible, play it safe and give yourself some breathing room. Plan to move a day or two after your settlement date to be sure.
Other than those things, the good news is you shouldn’t have to do much at all. Your conveyancer should handle all the details for you. You can get ready to receive the keys to your new home, pop the champagne and start planning a housewarming party to celebrate.
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This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.
