Settlement Process
HINTS FOR THE BUYER:
Give yourself ample time to complete all the conditions:
Moving, packing etc is a very hectic time, so allow yourself sufficient time to obtain finance approval and other relevant conditions of your Offer and Acceptance in order to complete your settlements.
Allow ample time to meet all the commitments as they can be very time consuming, give enough time for a structural report to be completed and give yourself at least 28 days before settlement to cover any unforeseeable problems.
Finance Approval:
When writing up an Offer and Acceptance remember that financial institutions may take up 14 - 21 working days from acceptance of contract to approve your loan and 28 days from finance approval to effect the settlement.
Stamp Duty:
In accordance with the Joint Form of General Conditions, it is a condition that a duly executed and stamped Transfer of Land is handed to the sellers prior to settlement. Remember to make arrangements with your financial institution to have these funds available when you return your signed Transfer of Land to your settlement agent. If your settlement agent is unable to provide to the seller's settlement agent a duly executed and stamped Transfer of Land you may jeopardize your rights under the Joint Form of General Conditions.
HINTS FOR THE SELLER:
Allow yourself plenty of time
Have you another place to go to? Allow yourself enough time to locate another place to live. It is important to allocate enough time to organise your discharge of mortgage. Fulfilling these commitments can be very time consuming.
Discharge of Mortgage
A discharge of Mortgage Authority needs to be signed and given to your bank to enable them to clear your debt. They require 28 days from the receipt of the signed authority to perform this process, so allow sufficient time from when your contract becomes unconditional.
Special Conditions
If there are any special conditions on the Offer and Acceptance contract which you as the seller are required to satisfy, you must arrange to take whatever steps necessary to make sure that they are satisfied by the date required in the contract.
Certificate of Title
If the property is currently mortgaged, your bank or financial institution will hold the duplicate Certificate of Title. If you hold the Certificate of Title yourself, we will require you forward or deliver the Title to our office prior to settlement. Please note that if you are posting your Certificate of Title, to use Registered Post for security reasons.
Once received, we will issue you with a receipt for the Title and it will be held by us and handed to the buyer's representative at settlement.