In our last blog we discussed the purchasing process from having your offer accepted to the exchange of contracts. In this blog we’ll take you through the journey from exchange to settlement.

Once contracts exchange you’re legally bound to complete the purchase.

As scary as the legal part sounds, this is an exciting time for home buyers. Remember, hundreds of people buy and sell every single day. You are not alone!

Your bank will be in contact with the mortgage documents ready for you to sign. Your solicitor’s office will organise searches and enquiries while liaising with your bank. If there are no issues with the reports, a settlement date can be booked.

What is settlement?

It’s the official transfer of property from the vendor to the purchaser.

What do you need to do once a you have a date?

Your bank will need a copy of the home insurance to release any money. You can book removalists and start preparing for the move.

Your solicitor will prepare figures for the settlement date. This includes adjustments for council rates, water rates and strata levis (if applicable).

It’s Settlement Day!!

On the final day most purchasers arrange a final inspection. This is to ensure the property is clean and tidy with no damage after vacation. Once you’re happy with the condition of the property you can tell your solicitor to go ahead with settlement.

Your Solicitor will do final title searches, attend the settlement and check all the title documents are correct. Only then will any money be handed over to complete the purchase and the transfer of the property to you.

Once you receive the confirmation that your purchase has been settled, you can pick the keys up from the real estate agent.

CONGRATULATIONS!

Have you got a conveyancing matter we can help you with? Contact us.