Once contracts have been exchanged and any required conditions have been met a date is set for settlement. This usually comes about 6-weeks after the exchange of contracts occurs. This is the day the property moves into the hands of the new owner.

The settlement process

  • Solicitors for both parties must be present on the day of settlement. It is not necessary for the vendor and buyer themselves to be present during settlement.
  • Terms and conditions are run through with both parties.
  • Once these have been agreed the home is officially transferred to the new owner.
  • An order is then sent through for the release of funds (usually held by the agency or the law firm for the buyer).
  • Funds are released to the vendor and the agency hands the keys over to the buyer.

Although the settlement process is scheduled for a fixed date, we advise all of our buyers to consider moving in a day or two later. This simply avoids any additional stress if there are delays in the process.

Speak to one of our team today on (02) 9327 7407 or contact an agent directly if you would like more information.

 

Selling Your Home