Settlement is the completion of the transaction.
And the day you get keys to your new property.
Both yours and the vendor’s solicitor or conveyancer will arrange most, if not all of the documentation involved for the transfer of title and also get any lenders involved with the loan to prepare and finalise the finances.
The vendor’s lender will usually provide the original title and discharge of mortgage while your lender will be ready to pay the vendor the monies owed for the property purchase.
Next, the date, time and place for settlement is agreed upon with all parties involved notified.
This is usually just handled by the solicitors or conveyancers and the banks to finalise everything and organise settlement.
The agent will then receive a written order by the vendor’s solicitor or conveyancer to release the deposit funds to the vendor.
Final documentation is handled like a signed transfer, title deed and the registration of transfer and the mortgage on the property with the NSW Land Registry Services.
Aside from the transfer duty having to be paid within three months, there could also be some extra final expenses due, although each property and transaction is different.
Lastly, the agent will arrange for the final inspection where you will be given the keys.
Settlement is practically complete and the home is yours.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
