In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Settlement
Settlement is the formal process performed by the legal and financial agents of both buyer and the seller. It varies from state to state but can take anywhere between 30 and 90 days. Sometimes the length is determined by how long the bank takes to sign off on your mortgage.
On settlement day, your settlement agent (solicitor or conveyancer) meets with your lender and the seller's representatives to exchange documents at an agreed-upon time and location. They arrange for the seller to receive the balance of the purchase price and keys are collected on your behalf.
Your bank will register a mortgage against the title of your new property to provide the funds for the purchase.
Your solicitor or conveyancer ensures:
Any existing mortgage on the vendor's title is discharged.
Any third party or person with property rights is removed.
All of the terms of the sales contract have been met.
The title office in your state or territory registers the transfer of land and mortgage.
Settlement is the process for transferring property from seller to buyer. An overview on key steps include:
- Both parties agree to a settlement date.
- Seller and buyer prepare for settlement.
- The buyer conducts a final inspection.
- The final payment is calculated.
- Ownership is transferred from seller to buyer.
Short answer is yes, its not as common as most settlements are within 6 weeks of exchange contracts, but ‘normal’ settlement is anywhere between 1 and 3 months.
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