In Nomini Maximus Officium

In the Name of Great Service Your Local Realtor

Step 5. The Settlement Process

Property settlement is the finalisation of a real estate transaction between a buyer and a seller.It is the process of ensuring all the conditions of the standard offer and acceptance are fulfilled. The following is a brief outline of the usual process of property settlement;

  • Appointment of a Settlement Agent.
  • Receipt of Contract and Authority to Act put in place.
  • Identify and Act to ensure satisfaction of any Special Conditions.
  • Act as required when contract becomes unconditional.
  • Liaise with financial institutions where required.
  • Arrange execution of settlement documentation and prepare for settlement.
  • Attend settlement.
  • Prepare final settlement and disbursement statements.

The settlement agent deals with…

  • Search fees (for example, land title office).
  • Settlement disbursement fees – telephone calls, postage, photocopying, courier etc.
  • Bank cheque fees.
  • Duty.
  • Your proportion of council and water rates.
  • Registration of transfer.

YOU deal with…

  • House/contents insurance.
  • Removal costs/dates.
  • Disconnect/reconnect gas/phone/water.
  • Mail redirection.

Things you can do

  • Read all correspondence carefully BEFORE signing any documentation.
  • If you have any questions – ask your settlement agent or real estate agent.
  • Return all documentation promptly and act quickly to any requests from your settlement agent or bank.

Pre-settlement inspection

  • You must be given a reasonable opportunity to inspect the property once within the five days prior to the settlement date and be accompanied by no more than two people.
  • The pre-settlement inspection is an opportunity to make sure the property is in the same condition as when you made the offer.

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