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Settlement Talk Buyers Guide

Settlement Talk Buyers Guide

These steps are just a brief outline of the process when buying a property.

Buying property is one of the biggest decisions you will make in your lifetime, with every purchase being different, just like the people buying the property.

Please contact Settlement Talk to discuss any queries you may have, as choosing the right Conveyancer can be the difference between a smooth transaction and a headache.

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Settlement talk Number Bubbles-01Step 1

An Offer & Acceptance (Contract) is completed by your Real Estate Agent or privately with the Seller.
How exciting! Your Real Estate Agent/Seller will likely ask a number of questions to understand your situation and formulate an idea of what your needs are and your budget.

 


Settlement talk Number Bubbles-02Step 2

A title search of the property and all encumbrances are searched and copies are given to you at the time of being presented with the Contract for signing.
This will show you the details of the property, and any encumbrances and restrictions noted on the title.

 


Settlement talk Number Bubbles-03Step 3

All conditions are negotiated and agreed upon between you and the Seller, then signed.
Most property contracts have standard terms that are included with the intention of covering many of the most important aspects of the standard transaction.  These can be conditions like, Finance approval terms, Building and Termite reports, Good working Order warranties, you would like to see copies of plans of the property etc.
Since each contract can be very different and the parties can have different needs, many contracts may also have special conditions added.  These special conditions are included by agreement and could override the standard terms. It is most important you know and understand what is being added to your contact before you sign.

 


Settlement talk Number Bubbles-04Step 4

Once you have nominated a Settlement Agent/Conveyancer, they will require a copy of the Contract of Sale.  This is forwarded to them by your Real Estate Agent, or you can forward a copy.
We then open our file, and send out initial documentation, this will include our Appointment to Act, Transfer of Land, and relevant information to your purchase.
There’s a lot to take in, but we are always here to answer any queries, or just have a chat about what happens next.
If you are going away at any time during the settlement process, or work away, please let your Conveyancer know as soon as possible.  Whilst some documents can be emailed, there are still some documents that must be signed and returned in their original format.

 


Settlement talk Number Bubbles-05Step 5

When finance is approved, we will send a copy of the Transfer of Land and settlement statement to your bank or financial institution to help them with the preparation of mortgage documents.  Please ensure you arrange to sign the mortgage documents as soon as possible.
If you are a First Home Buyer, please ensure you have your Banker/Broker apply for the Grant is required.
We will also liaise with your Broker/Banker.
Please forward a copy of your approval letter as soon as received.

 


Settlement talk Number Bubbles-06Step 6

All additional documentation will now be sent to you for signing.
You will need to check that any of the special conditions have been complied with by the dates specified for example Building reports and termite reports.

 


Settlement talk Number Bubbles-07Step 7

Arrange your final inspection of the property with your Real Estate Agent, if applicable.
If your contract has a condition that states certain items are to be in working order at settlement or it states that repairs are to be carried out by the Seller, you will need to check that these have been attended to satisfactorily and that the items mentioned are in fact working.
As each contract will have different “wording” in relation to the working order, you can check with your Conveyancer the requirements.
It is at the final inspection, you should also discuss collection of the keys from the Real Estate Agent after settlement.  It should be noted that if the Seller lives in the property, they do not have to hand over the keys until 12.00 the day AFTER settlement, but please discuss this with your Agent.


Settlement talk Number Bubbles-08Step 8

Settlement. Once all parties are ready to settle, that is (if applicable), your Bank/Financial Institution, the Sellers Bank(s), the Seller and Buyer, the Conveyancers will arrange settlement for the contracted date.
Your Conveyancer will arrange the change of Ownership with the Water Corporation, Local Authority and Land Tax department.  These rates, where applicable will be adjusted at settlement.


Settlement talk Number Bubbles-09Step 9

Additional things you should do:
You will need to make arrangements for the connection of the power, gas and telephone services to the property.  This can be done by calling the relevant departments any time prior to settlement.
Arrange your Insurance of the property.
You may wish to obtain quotes and book a removalist prior to the settlement date. Make sure that you are regularly in touch with us so that we can inform you if there is likely to be any delay in settlement.  Unfortunately, due to the multiple parties involved, we cannot guarantee that settlement be effected on the due date but will endeavour to achieve your contracted settlement date and with your help ensure you are ready to settle at that date.


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