Finalise settlement

Once you get to settlement stage, the lion’s share of the work is behind you. But there are still a few hurdles to jump through, and you don’t want to stumble right at the finish line.

The contract of sale is a legal document that contains a list of all the relevant information related to the purchase and sale of a property. It is prepared by a licensed conveyancer or a qualified lawyer.

There is always a deposit payable to the real estate agent when you have signed a contract of sale…

Now it’s time to get in touch with your Mortgage Broker and get your loan formally approved.

A lot of people aren’t aware but it’s really important that you arrange Building Insurance (also called Home & Contents Insurance) as soon as you purchase a property – that is from the date you sign the Contract of Sale!

At the risk of sounding like a broken record, Building & Pest reports are what I would consider the most common, and almost mandatory cost when buying a house.

At this point, your Mortgage Broker will arrange a time to sign your loan documents. You will need to sign your Home Loan Contract, Mortgage (title) Document, Direct Debit Agreement and any other bank forms.

Moving costs might seem like an obvious one, but have you thought about getting the power connected and mail redirected? Houses don’t have power connected unless someone is paying the bills…

Settlement should occur as per the settlement date in the sale contract. Your solicitor and lender will attend settlement on your behalf, where all costs will be disbursed.