After celebrating success at auction or negotiating a private sale, the next milestone in your property-buying journey is settlement. Here’s what you need to know.
1. Understand settlement Property settlement is an official process usually conducted between your legal and financial representatives and those of the seller. It’s when ownership passes from the seller to you, and you pay the balance of the sale price. The seller sets the settlement date in the contract of sale and the property settlement period is usually 30 to 90 days.
It’s when ownership passes from the seller to you, you pay the balance of the price.
2. Arrange your final inspection You’re entitled to inspect the property at any reasonable time during the week before settlement. Contact the agent to arrange this inspection. The seller must hand over the property in the same condition as when it was sold. Check all the items listed in the contract are there and in the right condition. 3. Organise insurance Your lender will usually recommend you take out building and contents insurance effective from the date the seller signs the contract. This is to safeguard their interest in the property, as well as your own. 4. Check measurements Your legal practitioner or conveyancer will send you a plan of the land so you can check all measurements and boundaries correspond with the Certificate of Title. You should confirm if so, or alert them to any discrepancies.
Make sure you provide documents and other information promptly when requested, as delays can be costly. Provide documents promptly when requested, as delays can be costly.
5. Understand outgoings At settlement, all outgoings such as rates and other charges are adjusted between you and the seller. The seller is responsible for rates up to and including the day of settlement. You are responsible from the day after settlement. You are also responsible for paying land transfer duty (formerly known as stamp duty in Victoria) on the sale. It is usually paid at settlement but you have up to three months after settlement to pay. You cannot receive title to a property until you have paid the duty. 6. Collect the keys Once settlement is completed, you can collect the keys from the agent and take possession of the property.
For further tips and insights speak to your estate agent.
by Claire Noone 24 JUN 2014
Your email address will not be published
Your Name *
Your Email *
Your Number *
Address of the property *
From 'The Block' to 'Grand Designs', home renovation and real estate shows have become a true small screen phenomenon, captivating audiences with dramatic transformations and inspiring home renovators and DIY enthusiasts at the same time. But for any wannabe property...
How to improve water efficiency in rental properties nsw.gov.au/housing-and-construction/landlords/how-to-improve-water-efficiency-rental-properties 5 December 2024 If a landlord wishes to charge a tenant for water usage, they must ensure the rental property meets certain water efficiency measures. From 23 March 2025 landlords must...
Amidst Australia's historic two-year rate hike cycle, the property market has become a picture of resilience and decline, showcasing stark contrasts across cities, suburbs, and regions. A CoreLogic Australia analysis comparing the property market's performance two years before and after...
At Move Realty, our commitment to supporting our local community remains unwavering. On 30th May, in recognition of World MS Day, we proudly join the global MS community in collaboration with MS Australia to raise awareness and share stories about...
Are you an organized and proactive individual with a passion for real estate? Do you thrive in a fast-paced environment where attention to detail and efficiency are valued? If so, we have the perfect opportunity for you! Position: Executive Secretary...
Investing in a self-managed super fund property has become an increasingly popular strategy in Australia, offering SMSF members greater control and flexibility over their retirement savings. With the ability to invest retirement funds directly in real estate, many SMSF trustees...
Rent this immaculate ultra-modern spacious new 2-bedroom granny flat, thoughtfully designed offers peace and privacy with a fully fenced back yard. Enjoy the light filled open living area with split aircon and quality interiors. Conveniently located in the highly sought-after...
The real estate market is experiencing an unprecedented surge in demand for urban properties, as buyers seek comfortable and convenient living spaces in the heart of bustling cities. This surge comes despite initial concerns about the pandemic's impact on the...
The pace of home price falls has eased in recent months, with the housing market downturn losing momentum. In February, national home prices rose 0.18% as limited supply and sustained buyer demand supported property values. Key highlights from the February...
Find the right house over
The pace of home price falls has eased in recent months, with the housing market downturn losing... Disaster funding has been