If you’re new to buying property, rest assured it’s totally normal to feel anxious about everything going to plan. But with the right help, it will.
Here’s what you need to do to ensure your settlement day is stress-free. First, let’s cover a few basics.
What is settlement day?
Settlement day is when ownership of a property is legally transferred from one party to another.
There are all sorts of regulations and procedures as part of this process, but the good news is that your conveyancer will take care of the final details. Likewise, your mortgage broker will ensure your finance is all set.
What happens on settlement day?
On settlement day, you get busy doing what you’d normally be doing.
Meanwhile, your conveyancer and a representative from your home loan provider will meet with the seller’s representative.
Your conveyancer will receive the property title and register you as the new owner. Cheques will be exchanged and any government fees and duties paid.
Once the paperwork is completed, you’ll be notified of a successful settlement. Soon, those shiny keys to your new home or investment property will be all yours.
Tip #1: Sort out your finances early
The best way to ensure a hassle-free settlement is to have the right people on your team. In terms of your finance, that means locking in a reputable mortgage broker (like me).
Before you even start looking for a property, ask us to organise pre-approval on your finance. That way, you’ll have a solid understanding of how much a lender is likely to lend you.
When you find the right property for your needs, we’ll walk you through the home loan application process, right through to settlement and beyond.
Tip #2: Find a good conveyancer
You’ll need a reliable conveyancer to oversee the complex legal requirements and paperwork involved in a property purchase.
Among other tasks, your conveyancer will ensure there is enough time between the finance approval date and nominated settlement date.
Tip: Ask friends and family for recommendations or talk to us. Be sure to check out online reviews before choosing your conveyancer.
Tip #3: Negotiate a date that suits you
Remember, the settlement date is negotiable.
Even if you’re buying at auction and the settlement period is in the contract, you may be able to liaise with the seller’s agent to see if they would be open to a different date.
The settlement period begins the day the contract is signed and is usually between 30 and 90 days. It needs to factor in adequate time for your finance to go through (check with us), searches to be undertaken and paperwork to be completed.
Tip #4: Be vigilant about the paperwork (and we will be too!)
Failing to return paperwork on time or forgetting to sign a page or tick a box can all delay loan approval. The same goes with paperwork for your conveyancer.
Pay attention to detail when filling everything in and return paperwork as soon as possible to ensure things run smoothly.
Tip #5: Enjoy the journey
Buying a property is honestly one of life’s most rewarding and exciting experiences.
Settlement day should be all about celebrating what you have accomplished, rather than worrying something will go wrong.
By having the right professionals on your team to support you through the process, you can concentrate on the fun stuff – like planning your housewarming!
You crack the champagne. We’ll do the rest. Get in touch today!
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.