This article is for general information purposes only and reflects the state of information at the time of publication. It is not legal or financial advice. Always seek professional advice tailored to your specific circumstances before making decisions.
Just like opening night at the opera takes time, effort, and planning, the settlement of your conveyancing transaction is a time of completion, new horizons, and often, anxiety. That’s why using professional conveyancing experts like Bliss Conveyancing matters. With the best possible representation and planning for the big day, you can focus on celebrating the next step in your property journey. Anxiety is reduced by understanding, so in this article, Bliss Conveyancing lays out the process so you have a clear view of what is about to unfold.
The Ostrich Sees No Evil
When a property transaction is coming to settlement, ignorance is never bliss. Don’t bury your head in the sand—have faith that you have selected a professional who will serve your interests appropriately. You also need to be informed, which is why Bliss Conveyancing dedicates itself to effective and transparent communication. We even explain how things work, like in our introductory conveyancing guide.
In the lead-up to settlement, there are a few things you can actively manage to avoid last-minute surprises.
Paperwork
If you’re getting a mortgage, or closing one, there will be a mountain of paperwork. Your broker and conveyancer will coordinate, but you can also be proactive. Usually, allow 10 days prior to settlement to complete all documents correctly. Gather identification, finalise forms, and ensure everything is ready on time.
Final Inspection
Whether you are the buyer or seller, arrange a pre-settlement inspection. Call your agent, broker, or conveyancer to organise a time in the week leading up to settlement. This helps prevent last-minute objections and ensures all parties are satisfied.
Show Time
Historically, property transfers required representatives of both parties to meet in person, exchange cheques, sign documents, and lodge paperwork with the land titles office. Today, most settlements occur online via a service like PEXA, where documents are held electronically. Once settlement concludes, the land titles office is updated instantly, and ownership is transferred almost immediately.
Whether electronic or physical, your preparation and your conveyancer’s expertise ensure a smooth process. However, some things can still hold up settlement:
- Payment delays: Banks may have internal processes that delay the availability of funds.
- Documentation errors: Errors discovered just before settlement can cause delays ranging from hours to weeks.
- Stacked settlements: Selling one property and buying another simultaneously increases the risk of errors; settlements must occur in the correct order.
- Final inspections: If the buyer is dissatisfied with the final inspection, it may delay or even cancel settlement. Sellers should maintain the property in good condition.
Getting It Right
A property transaction may happen only once or twice in your lifetime, but Bliss Conveyancing handles hundreds of transactions each month. Our experience ensures the best representation and a smooth settlement for all parties. For more information on settlements, please contact us.
