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5 Steps To A Seamless Settlement

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5 Steps To A Seamless Settlement

Property settlement is the crucial last step in the buyers journey. Settlement is the process of officially transferring the ownership from one party to another, as well as, in many cases, quite literally settling in to a new property!

In order to thoroughly understand the settlement process, and make the transition as smooth and effortless as possible, we’ve broken it down, here are 5 steps to a seamless settlement.

1. Contracts

The first step in your settlement journey is to finalise and legalise the sale. The good news is, you’ve done the hard yards- You’ve found a property that you really love, and both you and the vendor have come to an agreement on price, and conditions.

Keep in mind: Until both parties have signed the contract, the sale is essentially meaningless. Neither you, nor the seller are legally bound until signed copies of the contract are exchanged.

This means that if you would like to back out of the sale there is still time, but this also applies to the vendor, so if you truly love the property, and have come to a good deal, act fast!

2. Preparing for settlement day

In order to effectively prepare for settlement day, you should make sure that your sales contract is signed, dated and ready to be exchanged. It is also imperative to ensure all funds are pre-arranged and ready for all possible fees and charges (Including but not limited to stamp duty, lenders mortgage insurance, etc).

We also strongly recommend attending a final inspection prior to settlement day in order to further solidify that all conditions have been adequately met by the vendor.

3. Final Inspection

A pre-settlement inspection is an outstanding way of ensuring that all agreed upon clauses have been met by the vendor.

Pre-settlement inspections are not compulsory, but they can be necessary. They’re a great way to make sure that no further damages to the property have occurred. Although it is unlikely, some home-owners find their new property damaged by wind or storm before settlement day! This is another reason why we believe it’s crucial to look into home-owner’s insurance.


4. Finalising contracts

On the day of settlement, your solicitor or conveyancer will meet with the vendors legal team in order to exchange your contracts and legally finalise the sale.

After ensuring that all conditions of the contract have been fulfilled, and transferring documents the contract will be lodged with the land registration office. If all goes accordingly, the legal ownership of the property is transferred to you and the keys can be handed directly to you!


5. Completion

Your legal team will notify you when the ownership of the property has been transferred to you, then you can begin moving into your new home! When you reach this step a huge congratulations are in order, as you are now officially the owner of your new property!


With these five steps completed it’s time to celebrate! You’ve put in the work, and now it’s time to reap the reward: The property of your dreams is all yours, now it’s time to sit back, relax, and settle into your new home.