Settlement day is the final milestone in any property transaction, whether you’re buying or selling. It’s the day when the legal transfer of property ownership occurs, and all the paperwork is finalised. While this can be an exciting time, it’s important to know exactly what to expect to ensure everything goes smoothly. At Shepparton Conveyancing Services, we’re here to guide you through the steps involved in settlement day so you can be fully prepared.
On settlement day, the balance of the purchase price is paid. This is usually done via the buyer’s bank or financial institution, which transfers the funds to the seller’s nominated account. Your conveyancer will ensure that this transaction is completed on time, and that any necessary adjustments (e.g., pro-rated rates or taxes) are taken into account.
For buyers, your conveyancer will ensure that all necessary documents are signed before settlement. This will include the Transfer of Land document, which is required to legally transfer ownership of the property. Once signed, these documents are lodged with the relevant authorities (e.g., the Land Titles Office) to register the buyer as the new property owner.
Once the funds have been transferred and all the necessary documents are signed and lodged, it’s time for the exciting part: the handover of keys. If you’re the buyer, you’ll receive the keys to your new property, allowing you to move in. If you're the seller, this is when you hand over the keys to the buyer.
After settlement, your conveyancer will notify the necessary authorities, such as local councils, utility companies, and water providers, that the property has changed ownership. This ensures that future rates and taxes are addressed correctly.
For buyers, it’s essential to check the title of the property after settlement. Your conveyancer will make sure the title is correctly transferred into your name and that there are no issues with the property’s legal status.
Once everything is completed, the settlement process is final. Both parties (buyer and seller) are provided with copies of the completed documents, confirming that ownership has officially been transferred. If you’re selling, your conveyancer will ensure that any outstanding mortgages or liens are paid off as part of the settlement.
Timing: Settlement usually takes place between 30 and 90 days after signing the contract. However, the exact date will depend on the agreed-upon terms between the buyer and seller. Settlement can occur at different times during the day, but it’s typically completed by late afternoon.
Final Inspection: As a buyer, it’s important to do a final inspection of the property before settlement. This gives you an opportunity to check that everything is in order and that the property is in the condition you agreed upon.
Possible Delays: While settlement day is typically smooth, there can be unforeseen delays. It’s always wise to remain in close contact with your conveyancer to monitor the progress and stay updated on any issues that may arise.
At Shepparton Conveyancing Services, we’ll guide you through every step of the settlement process to ensure it’s completed smoothly and without stress. Whether you’re buying or selling, our team of experienced professionals will manage the legal details, provide clear communication, and ensure that all obligations are met on settlement day.
If you’re preparing for settlement, don’t hesitate to reach out. Let us take care of the paperwork and legal complexities while you focus on the excitement of your property journey.
Have more questions? Get in touch with our team today for expert advice and assistance!