Property settlement involves transferring ownership of a property so that all parties’ interests are acknowledged and taken into consideration. These parties may include:
- Buyer and their real estate agent
- Seller and their real estate agent
- Buyer’s settlement agent
- Seller’s settlement agent
- Buyer’s bank (if to be mortgaged)
- Seller’s bank (if mortgaged)
It’s wise to nominate a settlement agent prior to signing an Offer & Acceptance contract, so that they can be on standby to offer you guidance and assistance with queries.
Shoalwater will look after your best interests and keep you up to date on progress with your settlement and we’ll ensure that your settlement is not only timely, but a stress-free transaction as well. Our staff will guide you through the process so that potential problems are averted and settlement is not delayed.
The Process
The settlement process begins the moment an offer is accepted, and is finalised once the new owner is sent their new Certificate of Title.
- The Buyer puts in an Offer and Acceptance on a property which is accepted by the Seller. The Buyer nominates their settlement agent and the contract is sent to them. The Buyer and Seller are also given copies of the contract.
- The settlement agent receives the Offer and Acceptance from the real estate agent or client. An initial letter and settlement authority outlining the settlement conditions of the contract is then sent to the Seller and Buyer.
- Your settlement agent follows up finance approval and any conditions of the contract. Once the sale is unconditional, the Seller, Buyer, real estate agent and other settlement agent (if applicable) are advised in writing of settlement date.
- When the Transfer of Land is received from the Buyer, it is sent to the Seller or Seller’s Settlement Agent.
- About one week prior to settlement, your agent will contact you regarding conducting a final inspection of the property.
- When acting for the Buyer, the settlement agent arranges a time for settlement and liaises with the Seller’s bank or settlement agent. The Seller, Buyer, real estate agent and any relevant brokers are contacted to advise of settlement, and final settlement statements are prepared.
- At the pre-arranged settlement time, your agent will meet all relevant parties at the agreed place to hand over Representative Certificate of Title (if required) and Transfer of Land to Buyer to check. Bank cheques are exchanged and settlement is completed.
- Settlement is complete; Buyer, Seller, real estate agent and broker(s) are notified.
- Your agent will pay any outstanding rates and send the final correspondence to the Buyer.