What happens on Settlement day?

WHAT HAPPENS ON SETTLEMENT DAY?

WHAT HAPPENS ON SETTLEMENT DAY?

You’ve signed the contract and appointed a conveyancer. Your finance has been approved and the loan documents have been signed and any money required to complete settlement has been transferred into the account your conveyancer or bank have instructed that funds are to be sent to.  Basically everything has been done and you are all packed ready to move.  Your conveyancer will usually contact you the day prior to settlement to confirm that everything is now ready to go.  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. You will just need to be packed and ready to move once you have been notified that settlement has been completed.  Your conveyancer will ensure that all the relevant documents are completed and funds are transferred as required to complete the settlement successfully.

Settlement in South Australia now occurs electronically through an E-Conveyancing platform and can take place anytime of the day right up to around 4pm. Whilst the traditional settlement times of between 11.30am -1.30pm are still popular for Purchasers or Vendors who are moving the same day, settlements for vacant land, investment properties or other property transfers can occur later in the afternoon.

In electronic conveyancing the process is quite different from the old paper settlements at the Lands Title Office. Gone are the days of each Conveyancer handing over important property documents and bank cheques, now 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 funds 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.

Once everything has been finalised your conveyancer will contact to let you know the good news.

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.

As a precaution it would be wise to 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!

See also: 5 questions to ask your conveyancer when buying property

What are settlement adjustments?

The team at McKay Business Services are all members of the AICSA and are proud Adelaide conveyancers