Buyers Guide to Settlement

Once your home has been declared unconditional your solicitor will look after most of the details until settlement. We’ve outlined a guide to what you can expect to happen, and highlighted some areas you may wish to clarify with your solicitor, below. In addition you may wish to download a copy of “The Big Move”, our tips and checklist for moving.

Title To The Land
You will of course require legal possession and title to the property. Your solicitor will be arranging to transfer the property into your name and to register the change at the Land Transfer Office once settlement has occurred.

Risk
Generally, until your purchase has settled, the property will remain at the vendor's, or current owner's, risk. However, you should organise your insurance before you settle. Remember there are several types of insurance to cover:

  • Buildings (a houseowner's policy),

  • Furniture and effects (a householder's policy) and

  • Insurance to cover debt (a mortgage repayment policy).

Please ask your solicitor for advice on insurance matters if you are at all concerned.

Rates
Generally speaking, rates on the property will be apportioned at the date upon which you take possession. Any adjustments of rates will be shown as a debit or credit in the settlement statement your solicitor prepares for the purchase of the property.

Pre-Settlement Inspection
Upon reasonable notice being given you are entitled to inspect the property and chattels prior to settlement and to confirm that the vendor has complied with any agreement made to carry out works or repairs. Please discuss this with your solicitor. Contact your salesperson to arrange the pre-settlement inspection.

Utilities
Arrange the transfer of telephone, electricity and gas services. You’ll need to contact your service providers to arrange to have all services at the property transferred into your name and turned on, on your move in date.

Possession and Keys
Most agreements to purchase require vacant possession and, therefore, you are entitled to vacant possession of the property. The keys will not normally be made available to you until after all settlement monies have been paid to the vendor's solicitor. Keys are generally available from the branch office of your salesperson. However, we are unable to release the keys to you until after we receive written confirmation from the seller’s solicitor that the property has settled.

At the time the settlement money is paid your solicitor will receive the title deed to the property and register the transfer of the property into your name.

Moving
Decide early whether to use furniture packers or do it yourself. If you decide to use packers - book them now and start collecting boxes and newspaper to pack your things in.

It is our experience that leaving it to the last minute causes problems. On the day of packing ensure you have everything you require for immediate use and do not leave any items on the front porch.