Tips to a Hassle-Free Settlement

While your receipt of the house keys signifies your settlement to your property, you need to take care of a few things before that happens. These will help ensure that all the details are ironed out even before you get the keys to the property. Doing so enables you to move in without any hassle. We'll show what these things are in the following paragraphs, so read on.

  1. Check the details. You need to find out if everything is in order both in the documents related to the property and in the construction of the property itself. This involves taking a tour around the house to see if it is in the same condition as the first time you went there. Documents you might need to double check include the settlement statement, which your solicitor will hand to you. Checking the details also applies to the time and date of the settlement. However, chances are that your presence won't be required here, except to inspect the property.
  2. Pay the fees. This covers everything from your funds needed for the settlement, the solicitor's fees, registration fees, local council rates, the utilities, strata levies (if it is a strata property), and insurance.
  3. What if there are defects in the property? If you are buying a new property, it usually comes with a so-called defects liability period. This guarantees that if you find any structural defects in the property, the vendor would cover the expenses of the repair. The period usually ranges from 3-6 months. Please refer to your own contract for the actual coverage period. If you find any defects in the workmanship, you should tell your solicitor to submit a written notice before the period expires. You will also likely need to ask your solicitor to arrange for pest and building inspection reports, aside from your own list of the defects you discovered.

So you see, there is a very thorough process that you need to go through before and even after you receive the keys to the property. All these steps are designed to ensure both parties (that is, you and the vendor) have done their part of the deal.Before you acquire a property, chances are that you'll also need to get a home loan first. In that case, the professional advisors at Rate Detective can help you. They will take your personal circumstances into consideration and provide you with comparison rates of Australia's top lenders.

Get your quotes now

What to find out more? Enquire now

Published on November 11-th, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

More on this topic

Enquire about Home Loans
Please enter the estimated value of the property

Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.