Preparing For Purchase

21/11/2018

Buying Off The Plan

21/11/2018

Preparing For Settlement

21/11/2018

An offer has been accepted and contracts are due to be exchanged. It’s nearly time to pop the cork on the champagne and start to celebrate but… before that all happens there are a few very important things to do before settlement takes place. Here we take a closer look.

What you need to do as the Purchaser:

  • make sure you understand the process and the steps involved for settlement. Don’t be afraid to ask questions.
  • sign and return all the necessary paperwork on time
  • have an expert representing you such as a solicitor or conveyancer
  • as soon as the contracts are exchanged start organising your building and contents insurance to start from the settlement date
  • if you are taking out a loan to make the purchase; ensure you get all the required information to the financial institution in a timely manner
  • arrange to connect the telephone, electricity, gas and water. You can organise this yourself but if you want to save time consider using the free myconnect service
  • a day before settlement takes place you need to undertake a final inspection. Check everything is presented as it was listed in the contract, all inclusions are there and there is no structural damage. If anything is not right, contact your legal representative prior to settlement
  • arrange to collect the keys after the settlement has taken place. Find out if the keys will be available from your solicitor or from our office and make sure you have written authorisation from the vendors solicitor so that we can release the keys to you

Fitzpatrick’s Real Estate Director and Sales Consultant Matt Newley adds “Don’t forget to organise the redirection of your mail and notify people of your new address, mail redirection can take up to three days once you have applied”

What you need to do as the Vendor

  • organise a removalist to come and take your things a few days prior to settlement. This leaves you plenty of time to do a final clean and assures your house is ready for its new owners
  • organise your telephone, electricity, gas and water to be switched off
  • it is your responsibility to make sure everything is presented as it was listed in the contract. The purchaser will do a pre-settlement inspection prior to the settlement taking place
  • make sure all the waste is removed and the house has been professionally cleaned (if required in the contract)

“Start preparations ahead of schedule, time catches up on you and there is no room for mistakes” says Paul Gooden, Fitzpatrick’s Real Estate Director and Sales Consultant, “and just in case familiarise yourself with storage units, they can be your best friend”.

Congratulations, you are now ready for settlement to take place.

Not at settlement stage yet? Head to Preparing for Purchase to find out the five important steps when preparing for purchase.