April 28th, 2018

Getting Ready for Settlement Day

Settlement day is the exciting day when you become the legal owner of your property. This day should be smooth sailing as we, as your conveyancer would have made all necessary preparations to ensure an easy transaction.

What is settlement?

Settlement is the legal term for what occurs when ownership is transferred from the Vendor to the Purchaser. You will not need to attend settlement. We will attend as your representative and will hand over all necessary documents.
As the law changes, paper settlements are being replaced by electronic settlements taking place online via a settlement platform called PEXA (Property Exchange Australia). This will soon entirely replace the paper process. We are experienced and certified to conduct electronic settlements.

What happens on settlement day?
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Settlement day is an exchanging of Transfer and Title Deed documents and of course, money!
In a Purchase settlement, your conveyancer will hand over the balance of funds owing in exchange for the Title Deed of the property. This is the evidence that you now own the property.
If you are taking out a loan/mortgage on the property, then your financial institution will also be present at the settlement and will provide bank cheques to the Vendor’s representative.
Cheques for Council Rates, Water charges and other property outgoings are handed over so that you have a clean slate of all charges when you take over the property.
In a Sale settlement, if a bank holds a registered mortgage over the property, they will also attend settlement to collect loan funds owed to them in exchange for providing a Discharge of Mortgage document.
As your Conveyancer, we will ensure all funds and documents handed over are correct and in accordance with the Contract of Sale.