Sellers Guide to the Settlement Process
1/ Signed Offer & Acceptance
Your Offer & Acceptance contact is completed with your Real Estate Agent or privately with the purchaser.
2/ Appointment to Act
Your Settlement Agent will forward an Appointment to Act for completion.
3/ Discharge of Mortgage
If you have a mortgage on your property contact your lender & arrange completion of a Discharge of Mortgage Authority. Ensure you forward a copy of the completed document to your Settlement Agent.
4/ Conditions of the Contract
Ensure any conditions of the contract have been satisfied within the specific time frame.
5/ Transfer of Land
The Transfer of Land will be forwarded for Execution. Your signature is to be witnessed by a person over the age of 18 who isn’t a party to the contract (unless executed overseas. Please contact your Settlement Agent for further information).
6/ Final Inspection
To be undertaken by the buyer. Ensure all items are in good working order.
7/ Settlement Effected
Your Settlement Agent will pay any outstanding debt on the mortgage and the balance of funds is deposited into your nominated bank account via bank cheque. Please note that the bank cheque will take 3-5 days to clear.
If you reside in the property you have till 12 noon the following day to vacate. If the property is vacant, the purchaser may collect the keys from the Real Estate Agent once settlement has been effected.
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