Newcastle Living Magazine

Navigating The Settlement Process

Buying and selling property is one of the most exciting times in a person’s life. However, it’s easy to get swept up in the process and overlook crucial aspects that can appear at the most inconvenient times.

What happens once the deal is struck, contracts have been signed, and the settlement date is fast approaching? For many, this is uncharted territory. Your conveyancer will successfully navigate this for you. Keeping this in mind, here are some important tips to avoid last minute issues through the process. 

Sellers

Be clear about your responsibilities
Your job as the seller is to completely vacate the property, which means removing all belongings and leaving the property in the same condition as when contracts were signed and exchanged. Purchasers are entitled to a final inspection, usually the day before or the morning of settlement.

Be thorough and precise
When instructing your conveyancer to prepare the contract, consider the small details. Clarity from the outset can avoid issues on the morning of settlement and help things run as smoothly as possible. Consider if anything is mounted on the walls and the removal will leave holes or if there are items you’re taking that a buyer might have assumed are remaining.

Cancel any house related direct debits or automatic payments
Don’t make any payments to the council and water authorities within five days of settlement. Provide your account details to your conveyancer for surplus funds. Keep your building insurance until settlement has been completed. Stop any loan repayments about two weeks before settlement (as your lender will be calculating your final loan payout figure as you get closer to settlement).