Understanding Property Settlement
Property settlement is when a buyer takes legal possession of the property they purchased.
It is an exciting time, but also an anxious time – because there are a few steps involved before simply handing over the balance of money owed and picking up the keys!
Settlement can include conducting a pre-settlement (final) inspection, checking and signing the transfer documents, registering the transfer of ownership with the relevant government agency and making that final payment to the seller.
The Settlement Period starts on the day when the contract of sale is signed and ends on settlement day (the date when ownership is officially scheduled to change hands). This timeframe is agreed between buyer and seller and is outlined in the contract of sale.
Prior to taking legal possession, a pre-settlement or final inspection is also part of the process. This final inspection is when the buyer inspects the property to make sure it is in the same condition as it was when the contract of sale was signed. The contract should specify which fittings and fixtures are included in the sale – and what can be removed by the seller. This inspection is where a buyer will check these items.
Most buyers use a conveyancer or solicitor to manage the end to end process as they are qualified experts and licenced to handle the legalities of buying and selling properties.
Both the buyer and seller’s representatives will sign all the necessary paperwork and then it will be forwarded to the respective title office in your state or territory.
There’s a lot of detail required, and it can be a stressful time.
Our Sunstate Conveyancing professionals are here to help. They understand what the process entails as they conduct settlement transactions daily.
So, if you are considering buying, talk to our conveyancing team today. To get a quote, click here.