As a buyer, you are entitled to a final inspection within seven days of settlement. This is to make sure that the property is in the same condition as when you bought. If there’s a problem, ask the seller or their representative about it, and arrange another inspection before the settlement date.
This is the final stage when seller and buyer meet via their legal representatives to finalise the deal. This is the completion of the sale, when the balance of the purchase is exchanged for the property title.
For settlement, the following will happen:
- Advise the release of the deposit to the seller (this may happen prior to settlement if there is no legal reason to prevent it).
- 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.
- 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.
- Ensure your financial institution lodges your title documents, along with your mortgage, for registration at the land titles office.
- 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.
- Allow as much time as possible for the final inspection. This gives both sides time to agree on any outstanding issues, so the final inspection is exactly what it’s supposed to be – final.
- For more top tips visit our A-Z of Property Jargon section.