What You Should Expect During Settlement
Buying a house is a big deal and can be quite complex. There are many legalities that we have to comply with while buying a house. It is not as easy as buying a movable property. One such legality is the property settlement. It is a legal process in which the ownership of the property passes from the seller to the buyer on the payment of a fixed sum of money, under the guidance of a reliable Property Transfer Service in Geelong.
Settlement period
There is no fixed period for property settlement. It can be shorter or longer depending upon the requirement and usually lasts from four weeks to twelve weeks.
Conveyancers
Talking about Conveyancing in Geelong, Conveyancers are usually lawyers who specialise in real estate and property law. They will draft all the necessary documents and act in the capacity of your representative in front of the seller. And sometimes the seller is also represented by their own conveyancer. During the settlement period, you will be helped by your conveyancer(solicitor) through all the nitty-gritty of the settlement process.
What should a buyer do during the settlement period
While the settlement period the buyer should also do certain things on their part so that the decision to buy a particular property will turn out to be wise. Some of these tasks include:
Documentation: You have to do all the necessary paperwork so that the new property can be registered in your name.
Finances: Make sure your finances are sorted. In addition to the amount that is to be paid to the buyer, you have to pay a fixed sum towards the government in the form of stamp duty. And yes insurance should definitely not be forgotten.
Foundation: It is the most important part that needs to be looked at while buying a property. If there are cracks in the foundation or has sunk into the earth then guess what? We have a problem here.
Nearby water: The unpredictability of weather means you have to consider the possibility of flooding.
Ventilation: Imagine yourself living in a house without proper ventilation. Does it seem like a nightmare? So better keep in mind this aspect before you decide to buy a new property.
Fresh enhancements: This could definitely be a danger sign as your seller might have something to hide.
Windows: Check the windows properly, as they can give you some idea about how old the property is.
What can cause delays
Banks
Bank can cause delay and you will end up cursing your bank for not releasing funds on time i.e. before settlement day. However, your conveyancer can come to your rescue by submitting all the necessary documents to the bank on time so that there won’t be any unnecessary delay.
Flawed property description
If the property does not match with what is shown in the description or looks weathered, it can raise doubts and lead to delays.
Seller delays
The seller can also cause a substantial amount of delay if he does not evict himself or the current tenants from the property before the day of settlement. Here also your conveyancer can assist you by doing all necessary work in this regard.
Communication is important during the settlement process. It is essential that the buyer has proper communication with the seller so that all disputes arising during the process of the settlement are resolved. This is all done by the conveyancer itself, so it is better that you meet with Property Lawyers in Geelong who are competent and who you can fully trust as your conveyancers.
You can trust N7 Real Estate to help you with all your questions related to the settlement process and property buying.
