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Article provided by Digital360
Buying a property, whether it is your first or tenth property, is an exciting time. Signing on the dotted line of the sale contract can be both extremely joyous and extremely overwhelming. Once you have secured the property, utilising your time until settlement to adequately prepare yourself will ensure a smooth transition on settlement.
What is Settlement?
Settlement is the time between signing your sale contract and the date you officially own the house. It is commonplace for settlement dates to vary between 30 and 90 days, however this may differ depending on the agreement of the property you have purchased. During the settlement stage, mandated and regulatory requirements of changing official ownership of the property are conducted by your (the buyer) and the vendor’s (the seller) legal and financial representatives.
Is There Anything to Organise During this Time?
Similar to buying a car, you should not take over ownership of your property until your house insurance has been organised. It is often sensible to organise your insurance effective from the date you signed your contract of sale in case any unforseen problems arise during settlement.
Can I View the Property?
As the purchaser, you are entitled to view the property you have purchased at least once in the days leading up to settlement. Even if you feel comfortable with the property, you should use the opportunity to attend the inspection and ensure the property is being sold in an identical condition as when you purchased it, and that all applicable appliances and fixtures remain at the property.
Is There Anything to Check During this Time?
Your Certificate of Title will address the particular boundaries for the property you have purchased, and it is important that your legal practitioner or conveyance ensures all measurements are correct.
What Can I Prepare Financially and Practically?
Having your finances in order to make sure your transition to owning the property is as smooth as possible will alleviate a lot of stress in the future. If you intend to use the property as an investment that will be rented out, now is the best time to find a professional property manager. A professional property manager will ensure your property is marketed well, and a suitable tenant is found quickly, to reduce the time your property remains vacant after settlement.
What Do I Do on Settlement Day?
Contact your legal representative or conveyance to ensure ownership has been transferred, then all that is left to do is to collect your keys and enjoy your new property!