The little details of settling your property purchase

settling your property purchaseWhen buying and selling property there is a multitude of little steps and deadlines that must be met along the way. It is the role of your conveyancer or solicitor to make sure all of these requirements are met and that the transfer of property ownership runs smoothly.
There are some little details that crop up regularly when I am working with my clients, and some of their questions (and my answers) are laid out here:

What happens on settlement day?

When the day arrives for settlement on your property, you or your representative, along with the vendors’ solicitors will meet at the vendor’s bank to sign the paperwork. Once it is signed, the real estate agent is notified and they can then release the keys of your new property to you within a couple of hours. If that time is in working hours, you can arrange an alternative time or someone else can pick up the key on your behalf. It’s a good idea to discuss key collection with the real estate agent at the time of your final property inspection.

Do I have to attend settlement?

No, you don’t. Your conveyancer or solicitor can represent you at settlement.

When can we do a final inspection of the property?

The final inspection may be done up to 7 days before settlement. We look at this in more detail in an earlier blog on final property inspections.

When and how do we pay stamp duty?

Stamp duty is calculated and added to the monies being transferred on settlement day. Your conveyancer or solicitor will forward you the settlement figures and can explain the breakdown to you. Then, your financial institution can draw all the required bank cheques ready for payment to the relevant parties.

These are just a few of the small details we get asked as settlement approaches. If you have questions of your own, feel free to ask.