We want to ensure you have a smooth journey with your settlement, whether you’re a buyer or a seller. Here are our tips, wrapped up neatly in a pocket guide for you.
This guide will help you avoid delays, get organised prior to settlement, and build a stronger rapport with your settlement agent.
Buyers:
- Ensure that you’re speaking to your settlement agent about Title Insurance. We recommend all our clients take it out; it’s a fantastic product, and absolutely worth having a further chat with your settlement agent to discuss.
- First-time buyers must ensure their FHOG application is approved.
- Whether you’re a buyer or a seller, ensure you’re actioning all your tasks as soon as they come in; that way, you can avoid any delays with your settlement.
- Ensure your inbox is up to date and you are caught up on all outstanding requirements for settlement.
- Ensure all forms of ID are valid to save on delays.
- Make sure your settlement agent has your bank account details, and to ensure your funds are in your nominated bank account before settlement.
Sellers:
- You need to ensure that your property complies with Residual Current Device (RCD) and smoke alarms. Government legislation overrides all contract law, so if you’re unsure if the property complies, we recommend you get an electrician to visit the property to sign off.
- Ensure all forms of ID are valid to save on delays.
- Whether you’re a buyer or a seller, ensure you’re actioning all your tasks as soon as they come in; that way, you can avoid any delays with your settlement.
- Ensure your inbox is up to date and you are caught up on all outstanding requirements for settlement.
- Make sure your settlement agent has your bank account details.
- Arrange your final inspection with the real estate agent, and keep in regular contact with them to arrange your final key handover.
- Ensure your Building Insurance is organised and send it to your bank on time.
Struggling with the settlement jargon? We’ve got you covered, too!
- “Settlement date” is determined by what’s in the contract, the day in which the funds are exchanged, the title changes names, and generally the key collection date!
- “Conditional” refers to the contract being subject to one or multiple conditions, which need to be met before proceeding.
- “Unconditional” refers to all the conditions being met, and we are now proceeding to your settlement.
- “PEXA” is an acronym that stands for Property Exchange Australia. It is an electronic platform used for the digital settlement of property transactions, replacing a traditional paper-based system of exchanging contracts and transferring property title.
Whether you’re buying or selling, it is important to ask questions if you are unsure about anything; our friendly team will happily walk you through the process and help in any way we can.