Buying property can not only be exciting but also very stressful and confusing so it is important to engage the services of a professional settlement agent to complete the transaction on your behalf and ensure that you fulfil all your requirements under the contract.
Settle Wise Conveyancing will ‘hold your hand’ during the entire process ensuring it is as easy a transaction for you as possible.
We take care of all the important paperwork, liaising with your bank and attending to the change of ownership and adjustments of rates with all the relevant authorities.
Tips before you buy
- Speak to your bank or broker before you make an offer so that you know how much you can borrow.
- Do your own due diligence on the property before you make an offer. Research the area and the property.
- When making an offer it’s really important to get all the
details on the contract correct. Here are some important
things to remember;
- Buyer Details: Make sure you know exactly who is purchasing the property. If you change your mind after the offer is written up and accepted there may be stamp duty implications. And of course, make sure all names are spelt correctly on the contract
- Finance Approval Date: Ensure you allow sufficient time for you to obtain your finance approval (we suggest a minimum of 21 days)
- Settlement date: Be realistic and set a date that allows enough time for all parties to be ready. We also always recommend specifying an actual date (not x days from finance approval) so all parties are clear about when settlement should occur
- Special Conditions: Make sure you protect yourself by including specific conditions in the contract that you require; never just assume something is implied. Any special conditions must clearly state; Who is to do it, What is to be done, When is it to be done by, What happens if it isn't satisfied.
Q & A’s
How do I provide my funds you will require for settlement?
If you are contributing funds for settlement you can either:
Have them in an account with the financial instution that you are borrowing from and they can debit your account on the morning of settlement (please note that a written authority to debit your account will need to be provided to you bank). Or;
Transfer your funds to our trust account prior to the day of the settlement. Our office will provide details during the settlement. Our trust account details are: Settle Wise Conveyancing Trust Account | ANZ Bank | BSB: 016267 ACC: 207572188
When can I get the keys?
Provided the contract wasn’t subject to an existing tenancy agreement the seller must vacate and hand keys over by 12 noon the day after settlement. If the seller wasn’t residing in the property you are entitled to possession as soon settlement is effected.
What happens if my bank won’t be ready on time?
It’s really important to keep on top of things with your bank and make sure you return all your documents, correctly signed, as soon as possible. Unfortunately though, there are times that a bank may not be able to be ready in time for settlement. Your settlement agent should keep you informed of this and discuss with you what can be done and the implications of late settlement.
How do I pay the balance of money required for settlement?
If you need to provide some monies towards the settlement there are a few options available to you. If the money is an account with the bank providing your finance, in most cases you can give authority for them to debit your account and hand over at settlement. Other options include providing a Bank Cheque or transferring the funds electronically into your Settlement Agents Trust Account. Your Conveyancer can discuss with you what the best option is for you.
I’m going to be away during the settlement period. What should I do?
Always let your Conveyancer know if you are going to be away at all during settlement. That way we can ensure that all the important documents can be signed before you go, or that there is sufficient time to for you to sign on your return.
I’d like to settle before the due date. Is that possible?
Yes, of course it is. It does depend though if the seller agrees to bring settlement forward and if your bank and the sellers bank will be able to settle earlier. Always speak to your Conveyancer first so they can find out if the other parties are able to bring it forward.
During my final inspection of the property there were some item’s I wasn’t happy with. What can I do?
It really depends on what the issues are and what special conditions are in your contract. Have a chat to your real estate agent and your Conveyancer to find out more.
INFORMATION OVER LOAD??
We understand that all of this information can be daunting, so feel free to pick up the phone and contact us. We live and breathe this stuff, so we’re happy to answer any concerns or questions you may have. So why not Get Wise……Get Settle Wise