To make the settlement period a smooth process, there are a few items to check off the list:
Deal with any encumbrances prior to the settlement period. You can do this by instructing your solicitor or conveyancer to carry out a title search prior to purchase.
One of your top priorities after signing the contract of sale is to get your funding in place – failure to do this is one of the major reasons that a settlement can be delayed. An alternative to this is to find a bank that will pre-approve the loan, so you don’t have to worry as yo go into the settlement phase. Linda Hulme 0409 881 239 from Loan Market can help you in this process. Just click the loan market logo to find out more.
Although a standard settlement is between 30 and 90 days, you can negotiate a period that suits both you and the seller, making the process much smoother.
Finally, chase up the key players seven-ten days before the settlement. Call (don’t email) your conveyancer or solicitor, your bank or mortgage broker, and the vendor’s solicitor or real estate agent to ask the following questions: