What to expect on settlement day
By | 15th Jan 19

Preparing yourself for your exciting day will mean you will avoid any hiccups that may arise.

Settlement day is the final full stop and handover with your property transaction. Preparing yourself for your exciting day will mean you will avoid any hiccups that may arise.

So what is settlement day? Essentially it is when the buyer pays the remaining amount of the property to the seller and the title of the property is officially registered to the new owner.  It’s also the day you get your keys!

Usually settlement periods are 30 or 60 days but more often than not, this can be negotiated. Your settlement day will be written on the contract of sale and should go ahead as planned unless there has been a fault in any documents from the bank or lender.

There’s a lot that goes on and you want to avoid any hiccups by using a conveyancer or solicitor to ensure all the documents are done professionally. There is a huge list of documents that need to be sourced and organised so it’s best to leave it to the professionals.

For settlement day to run as smoothly as possible, both the seller’s and buyer’s conveyancer will need to have organised the contract of sale. An experienced professional will step through the whole process and advise how much funds is needed to settle the property. If you are in need or someone to help, your agent will be able to recommend someone for you.

Settlement day is meant to be a positive and memorable day. Ensure you have an experienced team around to help the day go as smoothly as possible! For more articles on investing, buying or selling check out our blog archives for easy guides to achieve your property goal.