For a start, you won’t actually be there when the final deal is done. The legal and financial representatives of both parties take care of this. They get together at an agreed time and after checking that everything is in order will collect their respective documents or cheques and declare the matter ‘settled’. This is when the balance of the purchase price is paid to the seller in exchange for the title of the property.
In some instances, your solicitor or conveyancer may have asked that you carry out a pre-settlement inspection of the property to make absolutely certain it’s in the same condition as when you last inspected it. You may also wish to ensure that all of the agreed inclusions have been left behind for you.
Settlement usually occurs between 30 and 90 days from the signing of the contract but this period can be adjusted if the two parties agree to do so. At settlement, all house related charges – including rates – will be adjusted between you and the seller.
These are your responsibility from the day after settlement. Once you’re notified that settlement has been completed you can race around to the real estate agent, collect the keys and go open the front door of your property.
Walk around your new property looking in every room and know that it belongs to you which is a very special feeling.
Arrangements to have services transferred or cancelled