When you buy or sell property, there are five key steps you need to take to make sure there are no hiccups along the way.
Delays during any of these steps can affect your house settlement. That’s why you need a detail-oriented property law expert on the case so your conveyancing will be speedy and stress free!
The house settlement process in Victoria, NSW and QLD where we do our business doesn’t vary too much.
1. How long does settlement take?
Both parties must agree on the settlement period which marks the finish line at the end of a sale or purchase of property.
We are often asked how long it all takes. The date of settlement is an important detail which is always included in the Contract of Sale.
It usually takes between 30–60 days, but if all parties agree, it’s possible to negotiate shorter or longer settlement terms. Some of our customers also request to settle up to 90 days.
2. The best way for buyers and sellers to prepare
At Settle Easy, we provide expert legal advice about conveyancing and we do everything to make the property settlement process in NSW, Victoria and Queensland as easy as possible. We’ll help you through the entire property settlement process, wrapping up all the legal parts of buying or selling property and explaining exactly what happens on settlement day.
Our specialist conveyancing team will answer any questions you may have about your transaction or settlement fees including stamp duty and explain how these settlement fees are calculated. And we are more than happy to explain the importance of things like:
- Property insurance
- Organising finance approval
- Property searches
- Final inspections
- How your real estate agent can help
- The role of PEXA.
All your documentation can be completed online and your settlement services will also happen online – our conveyancing service is completely streamlined and 100% secure.
3. What is involved in the final inspection of the property?
In the week before everything is finalised, and before you take possession of the property, buyers can inspect the property they are buying to check that everything is in the same condition as it was when the contract was signed.
This inspection can be arranged with your agent and we encourage buyers to check:
- That the property is reasonably clean and hasn’t been damaged or altered
- Appliances, fixtures and fittings are in working order and all attachments such as remote controls and ducted vacuum system parts have been located
- All furniture, rubbish or building materials have been removed.
If you do find any problems during the final inspection, talk to your friendly conveyancer and we’ll help sort things out.
4. The final payment is calculated
In the week before settlement, your conveyancer will send you a statement of settlement which is just like a reconciliation statement listing adjustments to the purchase price accounting for things like:
- Stamp duty (including any concessions or exemptions if applicable)
- PEXA and registration fees
- Settlement fees.
While the people selling the property are responsible for all bills prior to settlement, where items like water/council rates or body corporate fees have been paid in advance, the seller’s costs will be adjusted to take these payments into account.
Buyers should check the pre-settlement adjustment statement (also known as the statement of settlement) carefully before instructing their conveyancer to proceed to final settlement. If you have any questions, now is a really good time to ask them.
5. What should I expect on the day of settlement?
Crossing the finishing line of any property sale or purchase is reason to celebrate and what happens on the final day is quite straightforward whether you are conveyancing in Victoria, New South Wales or Queensland.
On the settlement date, the buyer’s funds will be transferred into the seller’s nominated account. Your conveyancer will notify you the moment this happens and the change of ownership is complete.
We’ll also let the real estate agent know when it’s time to release the property’s keys to you, so you can start moving in!
So whether you need conveyancing in Melbourne, Tweed Heads, Warrnambool, Sydney, Sunshine Coast or Brisbane, at Settle Easy our local conveyancers right across Victoria, NSW and Queensland are here to help.
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