By Tim McKibbin, REINSW CEO
Settlement is when the buyer takes legal possession of a property. But there’s more to it than handing over the money and collecting the keys.
First, you must conduct a pre-settlement inspection. This is usually the week before (or on the day off) settlement. You should confirm all fixtures and fittings are present (as per the contract), test appliances, all furniture and rubbish are gone and all is tidy.
On settlement day, your solicitor or conveyancer will work on your behalf. A precise time will be set, at which you get a settlement adjustment statement. This outlines final payments and adjustments for water, rates and strata fees (if applicable).
Once all the paperwork is lodged and financials are finalised, your solicitor or conveyancer will notify the agent to release your keys.