Many first time home buyers are unfamiliar with the settlement process. We believe buying a home should be fun, and settlement a seamless part of any property acquisition.
To finalise your purchase, Barrett Walker property lawyers facilitate a smooth settlement day. Trust our team to make the process as simple as possible, so you can focus on enjoying your new home.
What is settlement?
Property settlement refers to the transition of ownership from seller (vendor), to buyer (purchaser), with the settlement date clearly stated in the contract of sale. A solicitor or conveyancer is required for this process.
The settlement period spans from contract of sale, to settlement day, a window of time which is typically open for 1-3 months but can be longer if the parties have so agreed. At the end of the legal steps initiated on settlement day confirms the property legally belongs to you.
On settlement day, funds are transferred, and necessary paperwork and final documentation is signed and exchanged. Your attendance is not required, with the Barrett Walker team handling proceedings.
Documentation for settlement in Australia
We deal with the administrative process, and advise on the necessary material to complete settlement. Verification of identity via requisite identification documents (passport, driver’s licence etc) is required.
A preliminary settlement statement includes an estimated breakdown of associated fees and charges for your real estate purchase is sent to client in the days before settlement for approval. A final statement on settlement day will confirm exact amounts.
On the day, your property lawyer will do a final check on the title activity. Once this is carried out, Barrett Walker will sign off on all documents via the PEXA electronic conveyancing platform and confirm fund directions, completing settlement.
How can I prepare for settlement day?
Securing a property lawyer is the first step. As your representative, we liaise with your financier (i.e. bank or financial institution), third parties, and the State Revenue Office.
Make sure funds are available for balance of the purchase price. This is generally a mortgage, pre-arranged with your financial institution, as they will also be in attendance at settlement.
Remember to factor in additional costs, such as transfer duty. Your property lawyer will advise on exemptions or concession eligibility. Also remember registration fees for documents, along with rates and adjustments.
Inspect the property in the week prior to settlement. We advise clients conduct an inspection of the property in the final 48-hour window. Pre-arrange home insurance from the point of settlement.
What happens after settlement for the home buyer?
Your financier lodges the necessary documents, and retains a certificate of title for the property as security. We will confirm to you that settlement has been completed once we have confirmation from PEXA.
Contact the real estate agent, confirming keys are available for collection. We will have sent notice of acquisition or disposition to local councils, water authorities, and owners’ corporation manager regarding the ownership change.
Securing a premium property lawyer in Melbourne
Congratulations on officially owning your new home! If looking for tax advice regarding the purchase, consider speaking to a Barrett Walker Certified Public Accountants (CPA) for an informed analysis and plan.
As an experienced Melbourne property law firm, we can help with all your residential, and commercial/investment real estate needs. Please book a consultation with one of our team to discuss any property related matters.
Our director at Barrett Walker Lawyers, Ray Barrett has been an active investor in property since the mid-1970s and has a wealth of experience to offer new home buyers and real estate investors.