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SETTLEMENT DAY! HOW IT ALL WORKS

You’ve signed the contract, appointed a conveyancer, finance has been approved, loan documents have been signed, money transferred and you have packed ready to move. Your conveyancer calls to advise that everything is now ready for settlement. You now ask what happens next? What do I have to do? Here are a few of the questions that you may want answered.

 

Do I have to attend Settlement?

The answer to this question is no as your conveyancer will attend settlement on your behalf. Settlement in South Australia mainly settle at the Lands Titles Office at 101 Grenfell Street Adelaide and settle somewhere between 11.30 and 1.30pm depending on the day of the week. Of course now that electronic conveyancing has been introduced settlement could take place anytime during the day.

Settlement in the manual process is quite interesting if not manic where documents and cheques are exchanged between the relevant banks and conveyancers in what is called the settlement room. Simply put the vendors conveyancer is responsible for collecting any discharge documents from the vendors bank and will hand these to your conveyancer. These are taken to your bank who will check and certify all the documents ready for lodgement and will provide the necessary bank cheques that had previously been requested. These bank cheques are then given to the vendors conveyancer who then hands them over to the vendors bank. Once checked settlement is complete and voila the property is yours! Your conveyancer will call you as soon as settlement has been completed to let you know the good news.

In electronic conveyancing the process is quite different where the parties literally watch this happen in an electronic workspace as the process is checked off when each part is finalised. So much more streamlined and the clearance of cheques is immediate once finalised which is a great benefit to the vendor. Registration of the transaction also takes place much quicker so ownership is transferred to the purchaser much sooner.

 

When do I get my keys?

This is a question that nearly every purchaser will ask and the usual answer is that the real estate agent will hand them over after settlement has been completed.

Once settlement has been completed the vendors conveyancer will notify the real estate agent who will then be able to hand over the keys. It is best to contact them the day before to find out when they will be available to do this handover.

Sometimes there is no real estate agent involved as a private contract has been prepared. In this case it could be that the vendor meets you at the property to handover all keys and remote controls. Otherwise the vendors conveyancer can hand them over at settlement and you can collect them from your own conveyancers office later in the afternoon. Just make sure that it is arranged beforehand so you know what to expect.

 

What about changing the locks?

The vendor has handed over all the keys or so you thought. What if the vendor has kept a set someone in their family has a spare key which was forgotten? It would be a lot safer to get the locks changed for safety and the assurance that no-one else has access to your new property.

Arrange for a locksmith to come and rekey or change all the locks and at the same time they could be keyed alike so that you only need one key on your key ring!

 

Related content:

5 questions to ask your conveyancer when buying property 

What are settlement adjustments

 

 

 

Denise blog Author SETTLEMENT DAY! HOW IT ALL WORKS

The team at McKay Business Services are all members of the AICSA and are proud Adelaide conveyancers BrandSA  MBS Colour SETTLEMENT DAY! HOW IT ALL WORKS

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