Property settlement tips for buyers

Property Settlement Tips for Buyers

Property settlement is the legal process that transfers ownership of a property from one owner to another. This involves a lot of legal paperwork, which will be handled by your conveyancer. It’s the final step where you take legal possession of your new home. Here are some tips to help you navigate the settlement process smoothly.

Getting Started

Nominate your conveyancer on the Offer Acceptance document. If you haven’t chosen one yet, you can add T.B.A. (To Be Advised) on the document and nominate one later. A conveyancer or solicitor will help with the settlement process, which can vary slightly from state to state.

Cooling-off Period

Most buyers will have a cooling-off period, which can vary depending on the state and the contract terms, or if the house was sold by auction. Typically, the cooling-off period lasts for 5 business days. The settlement process usually takes between 30 and 90 days, as stated on the contract of sale and agreed upon by both buyer and seller.

Take Nothing for Granted

It’s crucial to have everything clear and precise. Outline all conditions, timing, required actions, and responsible parties to reduce potential disagreements and delays.

Follow Up on Special Conditions

If your contract includes special conditions, such as building and pest inspection clauses, ensure you complete these by the stipulated date to retain their benefits. Your conveyancer will manage most of the paperwork, including:

• The initial settlement statement
• Title Search / Certificate of Title / Transfer of Land
• Identification of Encumbrances
• Stamp Duty Application / Electronic Advice of Sale
• Authority to Proceed to Settlement

These requirements may vary from state to state.

Managing Rates and Taxes

Your conveyancer will ensure there are no outstanding rates and taxes, including:

• Water or council rates
• Special government levies
• Strata levies

Conduct a Final Inspection

It’s important to conduct a final inspection to ensure the property is in the same condition as when the contract was signed. The contract should specify which fittings and fixtures are included in the sale. During your final inspection, check for:

• Any damage since the contract was signed
• Functionality of appliances and fittings
• Removal of all chattels and rubbish
• Tidiness of gardens and that no plants have been removed

Organize Insurance

It’s a good idea and often required by lenders, to take out building and contents insurance effective from the date the contract is signed.

Welcome Home

At JKL, we’re here to support you through every step of your home buying journey. Our experienced team will help you navigate the settlement process with confidence and ease.

Experience our JKL real estate family. We’ll put the welcome mat out for you!