Settlement day can be both exciting and stressful. As your mortgage broker, I am here to help you make sure that everything goes smoothly and according to plan. In this article, we’ll provide an overview of what to expect and some tips to prepare for a successful property settlement.
What is settlement day?
Settlement day is the day ownership of a property is legally transferred from one party to another. Simply put, it’s the day you get the keys to your new home. While your conveyancer takes care of the finer details and works with your mortgage broker for the financing, you must also follow all sorts of regulations and procedures that they will explain to you, including those required by the lender and building insurance provider. The actual date of settlement day will be outlined in the sales contract. Your broker will work with the conveyancer in consultation with you to confirm the timing and review of the contract before signing it.
What actually happens on settlement day?
When settlement day arrives, make sure you have done the following:
On the big day, your home loan provider and conveyancer will arrange the following with the seller’s representatives:
Once the paperwork is completed successfully, the settlement is final. Congratulations! You can finally get the keys and are officially the new owner.