Property settlement day is the most exciting day for many home buyers because this is the time when they finally get the keys to their new home. But how does the property settlement process work? In this article, let’s take a look at what to expect on settlement day so you can better prepare yourself.
Settlement day is more than just getting the keys to your house. This is the day where the seller, your conveyancer, and the lender’s representative will exchange documents and cheques so you own the property. Each state and territory in Australia has different procedures and regulations so it’s best to trust this legal task to a conveyancer or solicitor.
This is the day when your mortgage will start because your lender will pay the balance of the property purchase price to the seller. Here are other things to expect and to do on settlement day:
Even though your property conveyancer will do everything on settlement day, it’s still best that you, the buyer, are prepared. Here are some things you can do before settlement day:
Your conveyancer will then inform you about the completion of settlement day which means that the seller has received the money. After all these settlement processes, you now have the right of ownership to the property.