During settlement, the buyer pays the balance of the sale price, and the seller hands over the property title. It’s a formal procedure that ensures all legal and financial obligations are met before the property changes hands.
It’s our job as broker to keep in touch with your conveyancer and the vendor’s real estate agent during this time to ensure everything is on track. We understand that delays in settlement can be stressful for all parties, so we strive to ensure the entire process is as smooth as possible.
For example, if the seller has already paid for the whole year but you’re moving in halfway, you’d pay them back for your portion. Settlement adjustments are prepared by your solicitor and included in the settlement statement.
On settlement day, you pay the balance of the purchase price to the seller, get the property title, and take possession of the property (unless otherwise arranged).
