BUYER  INFORMATION
Where to Buy
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Purchasing
Settlement
Settlement
Settlement is the completion of the sale when both legal parties (seller and buyer) will meet to seal the deal. At this point you pay the seller the balance of the purchase in exchange for the title of the property.

As the buyer, you are entitled to a final inspection within seven days of settlement. This inspection is to make sure that what you bought at auction or private sale, is still in the same condition. If there’s a problem, ask the seller or their representative about it, and arrange a follow up inspection before the settlement date. Be sure to give as much notice as possible for the final inspection. This will give the seller time to fix any outstanding issues to ensure the final inspection is FINAL. If the seller is not agreeing to a final inspection, contact your solicitor as you are entitled to this inspection.

Settlement checklist:
  • Advise the release of the deposit to the seller. This may happen prior to settlement.
  • You pay the seller the full amount for the purchase of the property in return for the Title deeds and keys.
  • Ensure your financial institution lodges your title along with your mortgage, for registration at the Land titles office.
  • Pay stamp duty within 30 days of the settlement date. This is usually done by your financial institution by way of withholding from the amount of the mortgage loan.
  • Adjust all outgoings such as rates and other charges between the seller and yourself
  • Organise insurance and give your financial institution a Certificate of Currency of Insurance prior to settlement.
 
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