Settlement day is a big milestone because it is the day you become the owner of your new property. The legal and financial representatives of both you and the seller meet to finalise the payment. It is organised at a time and place agreed upon by both parties and will generally be managed by your solicitor and Home Finance Manager.
This is when they settle the balance owing on the property using the home loan you’ve taken out and the property ownership is transferred from the seller to you. Stamp duty is also paid at this stage.
Generally, settlement is 6 weeks – sometime timeframes can vary from 4-12 weeks depending on the agreement – from when your offer was accepted.
Once both parties have signed all the documents, they are sent to the titles office to register you as the new owner of the property. Once you’ve settled you can pick up the keys! Congratulations!
Things you should know
Credit criteria, fees, charges, terms and conditions apply. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.