Settlement is the finalisation of the sale or purchase of the property. We attend to settlement on your behalf including booking a settlement time and location. You are not required to attend settlement, and we will advise you when settlement is effected.
We will advise your bank what cheques or payment directions need to be made.
For buyers this includes payments to:
- The seller for the balance of purchase price;
- Office of State Revenue for stamp duty; and
- Titles office for the registration fees.
For Sellers, payments are made to:
- Your bank to payout the mortgage;
- The real estate agent for their commission; and
- Your local council if there are any rates owing.
On settlement the seller will:-
- Discharge any mortgage they have with their financiers and deliver all documents to the buyers representative including a mortgage release document;
- The buyers financier will advance the funds to enable the purchase to be completed;
- Payments are then made to the entitled parties.
The real estate agents are authorised by both parties to release the deposit monies and deliver the keys to the new purchaser upon settlement being completed.