This is the day everyone is waiting for in anticipation – the moving trucks are ready and waiting, the celebratory drinks are chilled ready to crack open but there are still a few things that need to happen first and this is why we often do not ring you at 9am to say settlement is complete and you can start to move as we are working hard behind the scenes to make settlements happen.
It is difficult for us to predict what time settlement will occur and you can spend a large part of the day waiting for that all important phone call from us. In the event of delays we will keep you informed of progress. And don’t forget to take some photos of your moving day as it’s a great memory to have for both selling and buying a house.
If you have a mortgage against your property to repay on settlement day we will be waiting to get the full repayment statement from your Bank with what we will need to repay on your behalf. This amount cannot usually be confirmed until the day of settlement because interest is payable up to the settlement date.
Once we are ready to settle, we send our undertaking to the purchasers solicitor. That undertaking confirms that we will repay the bank and discharge the mortgage from the Record of Title, and release the clear title to the purchaser’s solicitor so that they can register the transfer into their clients’ name. The purchaser’s solicitor pays us the settlement funds by a Same Day Cleared payment directly into our Trust Account and provide their undertaking that the payment will not be altered, withdrawn or reversed.
We ring you with the exciting news you have sold your property! We also ring the Real Estate Agent to let them know to release the keys. We release the Record of Title to the purchaser’s solicitor to transfer to their client. We email you our reporting letter with a copy of your S and P Agreement, Bank Repayment info (if you had a mortgage), Statement, our invoice and other additional information.
We recommend leaving the new purchasers some information about the property such as paint colours, rubbish days, an address for forwarding any mail. Any spare keys can be locked in the house as the agent usually has a key to give to the purchaser. Please make sure that you leave the property in a clean and tidy condition, and remove all rubbish – this often results in unnecessary delays on settlement day.