Understanding Settlement

After celebrating the success of having your offer accepted as a buyer, you need to begin arranging for the next milestone, settlement. 

The team behind RE/MAX Precision is one of Bundaberg’s most experienced and has assisted many home-buyers through the settlement process. 

Scott Mackey, Principal of RE/MAX Precision, says “the key to keeping a level head during the buying process is good communication and understanding. When you’re buying a home, especially if it’s your first home, you’ll have a lot of questions.”

“It’s important to have an industry expert on hand that knows the Bundaberg market and the formal processes to buying,” Scott continues.

Scott has shared a few of the key factors when awaiting settlement.

UNDERSTAND THE SETTLEMENT

Property settlement is an official process usually conducted between your legal and financial representatives and those of the seller. It’s when ownership passes from the seller to the buyer, and the buyer pays the balance of the sale price.

The seller sets the settlement date in the contract of sale and the property settlement period is usually between 30 to 90 days.

ARRANGE YOUR FINAL INSPECTION

Buyers are entitled to inspect the property at any reasonable time during the week before settlement. The seller must hand over the property in the same condition as when it was sold. Check all the items listed in the contract as Included Chattels are there and in suitable condition.

ORGANISE INSURANCE

Your lender will usually recommend you take out building and contents insurance effective from the date the seller signs the contract. This is to safeguard their interest in the property, as well as your own.

CHECK MEASUREMENTS

Your conveyancer will send you a plan of the land so you can check that all measurements and boundaries correspond with the Certificate of Title. You should confirm if so, or alert them to any discrepancies. 

UNDERSTAND OUTGOINGS

At settlement, all outgoings such as rates and other charges are adjusted between the buyer and seller. The seller is responsible for rates up to and including the day of settlement. Buyers are responsible from the day after settlement.

COLLECT THE KEYS

Once settlement is completed, you can collect the keys from the agent and take possession of the property.

Obviously, this final step is the one we look forward to the most. The moment you hold the keys to your new home in your hand is often one of life’s most treasured.

At RE/MAX Precision, our goal is to make every step of the buying and selling journey a special one. One of the ways we do this is by creating content like this, so you can be informed and confident when dealing with property transactions. 

Be sure to sign up to our mailing list for more helpful articles on the Buying process, plus we also cover Investing, Selling and regular Market Updates. And, as usual, don’t hesitate to give us a call if you have any questions or are thinking about selling.