The settlement process when purchasing a house is important to understand so you are able to avoid extra stress and nasty financial or legal surprises. There are many elements of the sale and moving parts occurring at the same time.
Settlement involves the exchanging and signing of all the relevant documents pertaining to the sale of the property, including:
- Purchase contract,
- Rates notice, and;
- Any documents concerning the loan arrangement. Alternatively, you will need bank cheques if you haven’t arranged a loan
When purchasing a property, returning all documentation, signed, in a timely matter will help prevent delays either with the seller or the bank.
Chances are if you’re in the process of settling on a property, you would have viewed it before. Even if that is the case, a final inspection is necessary before you commit to anything. All houses will have minor problems, go into an inspection with an idea of things that are fixable and those that are deal breakers. In an inspection, remember to;
- Check all light switches work.
- Turn on taps and ensure there are no leaks.
- Inspect the floors, ceilings and walls for any holes, marks or other damages.
- Check all doors and windows to make sure they open and close properly.
- Test all appliances such as dishwasher, oven, stovetop, air conditioner, bathroom fan, etc, to ensure they work.
Remember to also prepare registration fees for the Land Title Office, payments for your solicitor or conveyancer and all relevant insurance policies for owning a new home.