Contracts have been Exchanged now what!!!
Now it’s a waiting game.
Sit back, take a deep breath and relax, you’ve earned it.
The pace slows a little now as your licensed Conveyancer does some tyre-kicking. For roughly the next six weeks or the settlement date, we will make after exchange enquiries about the property. Government and local authorities will be written to, heritage orders will be inspected if applicant, and council checks will be performed. In other words, the work is usually out of your hands. This is the time when buyers and sellers usually get an attack of the jitters. Buyers keep their fingers crossed that everything about the property will be fine and will run according to schedule, and the vendor is praying that the sale goes ahead and they can get their hands on cash.
You are entitled to a final inspection of the property before you take possession, we advise this is best conducted a day before the settlement to allow time to sort out any problems. This allows you to confirm that the inclusions are still there and that nothing has been damaged or changed, beyond normal wear and tear, since you agreed to buy the property.
Settlement at last
Settlement day is when you pay the balance of the purchase price, take possession of the property and the keys and title deeds are handed over. If you pay cash, you get to keep the title deeds, if not they go to the financier who will return them to you when your home loan is repaid. We will notify Government departments need to be notified of the change in ownership.
Enjoy the feeling!
You are now the proud owner of your new home and you’re ‘in the property market.’ Buying your first home is a major achievement and it involves time and effort