You’ve selected your ideal home, received approval for your offer, and now there’s only one significant step remaining – settlement day.

Settlement day encompasses a blend of enjoyment and formal procedures. As your 1st Street Mortgage Broker, our role is to ensure a seamless process. Continue reading for an overview of what settlement day entails, along with some helpful tips to ensure a smooth and trouble-free experience.

What’s settlement day all about?

The culmination of your home-buying journey, settlement day marks the moment when legal ownership of the property is transferred to you, and you receive the keys to your new home. Your conveyancer and us, your 1st Street Mortgage Broker, will handle the intricate aspects, ensuring your understanding of every detail, including insurance and lender requirements. The specific settlement date is outlined in your contract, and we’ll review it together to avoid any unforeseen surprises before you make any commitments.

What happens on settlement day?

On settlement day, it’s important that you’ve:

• conducted a final inspection of the property;
• arranged building insurance immediately after the contract is signed by the seller; and
• worked with your conveyancer to ensure all documents needed for the title transfer are ready.

On this significant day, your home loan provider and conveyancer will convene with the representatives of the seller to:

• finalise the payment of the purchase price, including any applicable government fees and duties.
• complete and file all legal paperwork with the relevant authorities.
• officially transfer the title to your name, confirming your ownership of the property.

Upon the completion of all necessary documentation and the fulfillment of the entire process, the settlement becomes official. Congratulations! The home is now officially yours, and you can collect the keys.

Getting ready for settlement day

Meet with your 1st Street Mortgage Broker early

Seeking advice from experts is a wise move. Consult with us even before embarking on your house-hunting journey. We can assist in arranging your home loan pre-approval and provide continuous support throughout the entire process – from locating the perfect property to managing the paperwork, leading up to the significant day and beyond. Feel free to reach out to us for assistance in your search for a conveyancer as well.

Choose a good conveyancer

A conveyancer possesses comprehensive knowledge of property law and will navigate you through your rights and obligations during the settlement process. They take care of all the legal intricacies, ensuring a seamless transfer of the property title from the seller to you.

Set a settlement date that fits your schedule

You might have the flexibility to select a settlement date that aligns better with your needs, especially if you’re coordinating the move from your current residence. Typically, you’ll have a window of 30 to 90 days after signing the contract to organise everything, including loans and paperwork. Given the various tasks involved, let’s discuss the timeline that suits your specific situation.

Remain vigilant with the paperwork

We’ll take care of the loan application and make sure your pre-approval is on track. But you’ll need to fill out and return all your paperwork promptly to avoid any hiccups. It’s important to get it right. So, don’t hesitate to seek advice from legal experts.

Enjoy the journey

We’ll handle the loan application and ensure your pre-approval is progressing smoothly. However, it’s crucial that you promptly complete and return all necessary paperwork to prevent any potential issues. Accuracy is key!

Get in touch with your 1st Street Mortgage Broker early, and let’s make this happen together.

We’re here to guide and support you each step of the way.