Now you need to wait for the property settlement day, what can you expect! Settlement day usually takes place approximately six weeks after you exchange contract, however different time frames can be agreed upon.
This is the day that both your financial representative (mortgage broker) and legal representative (conveyancer) arrange the passing of ownership to you.
On this day your conveyancer meets with the vendor (seller) legal representative along with yours and the vendor’s financial representatives. Cheques and documents are exchanged and transferred into your name. Your representatives are all there to ensure that everything takes place correctly. Traditionally this process was done in person at an agreed location, now it is all electronically processed.
Just prior to the settlement you will have a final inspection of your new property. This is the day for you to ensure it is in the condition that you expect it to be.
Once all the above financial and legal processes have taken place and all is correct you are able to collect the keys for your new home. You can pop the champagne and move in or prepare it for renovations or for tenants.
A few items prior to settlement day
Insurance – both property and contents insurance is one of those necessities. To comply with your mortgage agreement you may have had to arrange property insurance and share a copy with your financial provider for settlement to take place. An additional consideration is that depending on the property you are purchasing there may be insurance issues to consider. Is the property subject to flood, are you in an area with a high crime rate? It can be wise to check insurance costs prior to exchange, just in case there are potential problems.
Moving – When it is your own home, particularly your first home, moving in is exciting more than it is stressful. Make sure you plan for your move by arranging the removalists early and clearing out any clutter rather than moving it with you.
Renovating – Will you be renovating before you move in or once you have moved in? If you are very organised you can have trades ready to go immediately following settlement or you can move in and get the feel of your home before you start renovating.
Renting it out – By choosing a property agent prior to the settlement you can minimise the amount of time that your property may be empty before you find a tenant for your investment.
Buying a property is always an exciting time. Whether it is your first property, the third or fifth property you should be excited by the process of this big investment. Having the right people (professionals) around you purchasing a property is a wonderful way to secure your financial future.
When you are buying a property contact Select Conveyancing Lane Cove as your legal representative for the sale. We can help you before, during and after settlement day, so you know just what to expect.