Outside of your wedding, buying a home is a massive decision, and will quite possibly be the biggest decision you make in your life. It is also the largest purchase you will ever make. You will be signing up to a 20 – 30 year mortgage, so it’s really important you know what happens when you’re buying or selling.
We’ll be running a two part series, with the first part focusing on what you can expect as a buyer on settlement day. Then next week, we’ll run part two which focuses on the sellers.
1 – It probably seems rather arbitrary and a given, however it does need to be said, because with so much going on during the home buying process it’s easy to forget the simple things. You need to choose a settlement agent who will help you out with your property settlement.
2 – When you’ve received the contract, have a read through it and if you’re happy with it then send it through to your agent with an “authority” form so that they can act on your behalf and sign the agreement. This will speed up the process.
3 – It’s really important that other documentation like the Transfer of Land Title Deed is processed so that you can move quickly on the settlement. If any other terms need changing, now is the time to do so. Be sure to receive the statement with any changes that there are.
4 – In Australia there is stamp duty, and it often varies from state to state, so be sure to check with your conveyancer that all your duties are paid and nothing is left in arrears. You want to make sure that the process is undertaken correctly.
5 – It should go without saying, and it really should have been part one of the process, but please, please, please, organise the funds way before settlement so that they are available. If your funds are not available for settlement date this can potentially lead to fees and charges. If you’re unsure at any point if your funds will be available, then opt for a long settlement. That will give you flexibility to sort out the funds.
Most people who have bought a property at some point will be aware that settlement can take anywhere from 30 – 90 days. Use this time wisely to sign and prepare all documentation related so that you can take ownership of your new purchase on settlement date.
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