You’ve used a vendor advocacy service to sell your home, and now settlement is creeping closer.
It’s wise to have an understanding of how this process works, so there are no surprises further down the line.
What is settlement?
When property is transferred from one owner to another, this is called settlement. The ownership transferral process can run smoothly, provided certain conditions are met.
As a vendor, your aim will be to secure the best price and establish a settlement date that’s favourable to your circumstances. It’s important that your contract of sale is therefore watertight and concise. Once both parties have signed the contract of sale and cooling-off periods have elapsed, both you and the buyer are bound by the terms of the contract.
How does the process work?
Caveats act as a warning of any third-party interests in land – such interests could be minor or massive, depending on their substance. A buyer’s settlement agent will complete a land title search before settlement to bring such encumbrances to the buyer’s attention.
A buyer would have likely placed a deposit on the property. By settlement date, they need to pay off the balance of the sale price in full. Provided both parties deal with solicitor or conveyancers – a prudent approach – the deposit of funds will usually be between the buyer’s settlement agent and your own settlement agent.
A transfer of document will be handed over to the buyer’s lender, who will then register it at the appropriate land titles office. This changes the name on the land title, from the vendor to the buyer. Both parties will need to sign this document prior to the settlement date.
The certificate of title will be transferred from your name to the buyer’s, too. After documentation has been processed and fees paid, you’ll hand over the keys, and celebrate your sale!
If you’re wondering how to choose a real estate agent to sell your home, get in touch with Vendor Advocacy Australia today.
11/26/2024 
