Final inspection
As the buyer, you are entitled to a final inspection within seven days of settlement. This ensures that the property is in the same condition as before. If there's a problem, ask the seller or their representative about it, and arrange a follow up inspection before the settlement date.
If after final inspection you need to measure space for the fridge, couch, TV or anything else, ask the seller for access. Be aware they are under no obligation but if you ask politely they shouldn't mind.
Settlement
This is the final hurdle and when both legal parties of the seller and buyer will meet to seal the deal. This is the completion of the sale. It's when you pay the seller the balance of the purchase in exchange for the title of the property.
Settlement checklist
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Advise the release of the deposit to the seller (this may happen prior to settlement if there is no legal reason to prevent it).
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You pay the seller the full amount for the purchase of the property in return for the Title deeds and the keys to the house.
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Adjust all outgoings such as rates and other charges between the seller and yourself
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Organise insurance and give your financial institution a Certificate of Currency of Insurance prior to settlement
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Ensure your financial institution lodges your title documents, along with your mortgage, for registration at the Land Titles Office.
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Pay stamp duty within 30 days of settlement date. This is usually done by your financial institution by way of withholding from the amount of the mortgage loan.
Congratulations! You are now the proud owner of your new property. Enjoy!
You'll find more great tips and tricks in our property jargon section