We understand there are so many considerations to make when buying a property. Whether you are a first home buyer or a seasoned investor, there are always financial and legal questions and considerations you need to address.
Once you have found your ideal property and have engaged a solicitor to take care of the transaction for you, there will be a host of other questions you will no doubt have.
That’s why we have started the Question & Answer Series, where each week, we will list commonly asked questions associated with the conveyancing process and provide the insight you need to become more familiar with the process and have your nagging questions answered, even if you didn’t realise you should be asking them…
Commonly Asked Questions When Purchasing a Property
Q: Is there anything I need to do before settlement?
A: Once we have booked in settlement with your bank and the vendor’s solicitor, you will need to organise a final pre-settlement inspection with the real estate agent as close to settlement as possible. You should note whether there is any damage or defects in the property.
We will also contact you regarding the final loan amount and the final purchase price and whether there is any shortfall amount. If there is, you will need to draw a cheque for the shortfall amount and provide the cheque to our offices prior to settlement.
Q: When can I pick up the keys and where do I pick up the keys from?
A: You will be able to pick up the keys after settlement has completed.
Following confirmation from our agent that settlement has occurred, we notify the real estate agent immediately, advising them that the matter has settled.
Once the real estate agent receives confirmation that the matter has settled, they will be able to release the keys to the purchaser.
We also notify you once settlement has completed and you will be able to pick the keys up from the real estate agent.
Q: To whom should I make the settlement cheques out to and when and where do I give the cheques?
A: It depends on whether you have an incoming bank or not. If you do not have an incoming bank/loan, then we will advise you of the bank cheques to be drawn for settlement. We will provide you with these cheque directions a few days prior to settlement. You will need to provide these cheques to us by 5pm on the day before settlement.If you do have an incoming bank/loan, then there is no need for you to draw the settlement cheques and provide them to us. We will advise your incoming bank of the cheque directions prior to settlement. Your incoming bank will attend settlement and they will bring the cheques with them to be handed to us at settlement