The Settlement Process For a Seller

Settlement is the most vital step in selling your property, and it’s a procedural process typically managed by professionals. Here’s what you can expect in the days leading up to and on settlement day itself.

Preperation

In the lead-up to settlement, a lot will be happening, so preparing ahead of time will make settlement a lot smoother for you.

In preparation for settlement it would be great if you could:

• Arrange and label all keys for the property
• Arrange and label any remotes for the property
• Arrange, write and file all instructions and manuals for the property
• Make a note of anything more that may help the buyers, such as:
  • Supplier connections (such as power, internet, gas etc.)
  • Paint colours
  • Tradespeople who have worked on the property

All of this information is best left on the kitchen bench.

The Pre-Settlement Inspection

On the morning of settlement (typically), the buyer conducts a final inspection of the property. This is to ensure that:

• The property is in the same condition as when contracts were exchanged.
• All inclusions are present and in working order.

• Your Role: We recommend having the property completely empty and cleaned by this time.
• The Outcome: The buyer will confirm their satisfaction with the property's condition, paving the way for a smooth settlement.

The Settlement

Settlement typically involves a meeting of legal and financial representatives from both sides (you are not required). Here’s what happens:

•  Your Conveyancers/Solicitors Role:
  • Attend the settlement on your behalf.
  • Coordinate with the buyer’s legal team to receive the balance of the sale price.
  • Pay off any existing mortgage.
  • Settle all outstanding rates, water bills, and land taxes.
  • Transfer the remaining balance of the sale proceeds to your nominated bank account.
  • Provide the agent an Order On The Agent (allowing us to release the keys)
• The Buyer’s Solicitor's Role:
  • Attend the meeting on behalf of the buyer.
  • Hand over bank cheques for the balance of the purchase price.
  • Collect all legal documents that confirm the transfer of ownership.

• The Agent's Role (On receipt of the Order on the Agent):
  • Transfer the deposit being held to your nominated bank account less our commission and costs
  • Hand over keys to the purchaser

It's Time to Celebrate

It's time to celebrate! You have completed the purchase and you can now focus on moving forward.