Shortly before final settlement, your conveyancer/solicitor will provide you with a settlement adjustment statement. This is the time when final payment will be made and you will take legal possession of the property. Your conveyancer/solicitor can manage everything, including liaising with your bank and the vendor’s conveyancer/solicitor.Ī precise time for final settlement will be set. If you don’t want to be present on settlement day, you don’t have to. The good news is that you can let your conveyancer or solicitor manage all of these tasks for you – they’re the experts, after all. There are a few legal and admin tasks that have to be done before the property is handed over to you. The exact date is agreed between you and the seller and is then specified in the contract of sale. This is the pointy end of the whole process – the day you take legal possession of your new home.
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The pre-settlement inspection usually happens during the week before settlement day. They can also provide advice on what to do if you find any problems, so make sure to keep them in the loop. Your conveyancer/solicitor will be able to provide more advice on what to look out for. the gardens are in order and no plants have been removed.the house is in a reasonably clean state.rubbish or building materials have been removed.appliances, fittings and other functions are working (e.g.there’s been no significant damage to the property since the contract was signed.When you’re doing your inspection, make sure that: The contract should specify which fittings and fixtures are included in the sale – and what can be removed by the seller. Generally speaking, the property should be in the same condition as it was when the contract of sale was signed.
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It’s your chance to take a look around the property and make sure everything is in order. The exact length of the settlement period is something that’s agreed between you and the seller and is outlined in the contract of sale. It generally takes between 1 and 4 months – this is what’s known as the ‘settlement period.’ It begins on the day the contract of sale is signed and ends on settlement day (the date when ownership is officially scheduled to change hands). Let’s unpack settlement a little further to help you understand what’s involved. Most people use a conveyancer or solicitor to assist them through the settlement process.
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conducting a pre-settlement (or final) inspection.It involves activities that must be completed before you can begin unloading the removal van.