However, things can go wrong. Your lawyer or conveyancer is the first person to call if there is an issues. They will be able to answer your questions and guide you. They can also help you negotiate with the seller to remedy any issues such as a newly broken window or missing keys. We recommend planning to move in to your new home at least a day later if that is possible. Read more about getting help if things go wrong here. Download the settlement day checklist.
Planning for settlement day when buying. Getting help if things go wrong when buying. Skip to main content. Menu level 1. Open search Open menu. Search What are you looking for? Mortgage calculator Thinking of buying a home? Viewing an open home Going to an open home?
Making an offer Making an offer on a house is a big decision. As mentioned above, the settlement period begins the day the contract of sale is signed by both the buyer and the vendor. The length of the property settlement process will usually be indicated in this contract, and will be mutually agreed upon by both parties ahead of time. This time period is negotiable, so the settlement period will be dependent on discussion between the two parties.
In Western Australia, the settlement process typically takes between one and three months. This time allotment usually gives both the vendor and the buyer enough time to prepare the relevant paperwork, financing, moving, cleaning and other details that must be arranged before settlement day arrives.
This statement will also include items such as council rates, water rates and water usage. Typically, the vendor will cover these rates up until the day of settlement.
While there is no requirement that a professional clean of the property be undertaken prior to settlement, it is important to the ensure that the property is clean, neat and tidy prior to the day, and in the same condition as it was when the contract was entered into.
Most contracts provide for vacant possession of the premises this means all of your items must be removed except for those listed in the contract as inclusions and this also applies if there are tenants in your property who are vacating prior to settlement if vacant possession is a requirement under the contract. When removing your items and rubbish, it is important to remember not to remove items that are fixtures or that are included in the sale.
Removal of these things can raise a dispute on the morning of settlement when the buyer undertakes their pre-settlement inspection, and can delay settlement as well as leaving you open to a potential damages action.
Pre-settlement inspections also occur often on the morning of settlement and there needs to be enough time for the buyer to undertake the inspection and sort out any issues prior to settlement. Once finalised, our conveyancing team will telephone you to let you know that your sale has settled, and correspondence will be sent to the real estate agent letting them know, as well as authorising them to release the keys to the buyer and the balance of deposit to you.
It is highly recommended that you be completely out of the property the day before required, including leaving the property in a clean and tidy state, free of rubbish. This will ensure that the buyer can undertake their inspection on the morning of settlement and that there are no mad rushes on the day! In any event, you will need to be completely out of the property prior to settlement time, which generally occurs between the hours of 1 — 4pm on the day.
Facilities Management Our Services Meet our team. Presenting your property for sale. What happens on settlement day? Tagged As Buying First home First home journey. Elie Aoun, Sales Agent, Woden. What do you need to do? Your job is to pick up the keys oversee the moving-out process. Give yourself an extra day or two if possible to allow for any hiccups. You may also like.
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