Real Estate

Five Important Steps of Property Settlement

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real estate market Wanneroo

Property settlement is the process in which the ownership of the whole property is passed from the vendor to the property buyer. These steps start from the day when the vendor signs the sale contract and end on settlement day when the actual owner of the property officially passes the property to the new owner.

The real estate market Wanneroo solicitor handles the whole process as they know how to handle it in various aspects. But ensure not to put everything to the solicitor; instead, understand everything beforehand and move further. 

So, let’s talk about those five essential steps that help in making property settlement without any issues: –

1. Both parties are ready on the settlement date.

The settlement date is an essential part that concludes the sale transaction. This date is written on the contract and takes place six weeks after the sale contracts are exchanged. But it can change if both parties cannot agree. 

On this date, the buyer has to pay everything to the vendor, and if they cannot pay, the buyer is eligible for interest.

2. Preparation of settlement

Indeed, both parties don’t attend the settlement in person, but they have to give everything to their solicitors, bank representatives, etc. That means they have to keep everything ready in advance before the settlement date so that they can handover to the in charge.

3. The buyer does a final inspection.

Before the settlement date, the buyer of the property will inspect the property to check the condition and whether it has changed or is the same. For example, appliances, fixtures, furniture, whether the property is still clean, and many more things. 

Apart from that, they also check whether all the things that have been removed or not are there in the contract. If they find any issues, they can contact the solicitor about the issue.

4. Calculation of final payment

Before the final settlement, the solicitor will issue one pre-settlement document that enlists various things like applicable first-owner grants, stamp duty concessions, etc. 

However, this document is checked by the future buyer of the property very carefully, and if it is ok, the solicitor will move towards the final settlement.

5. Ownership is transferred to the buyer

This is the day the seller receives their payment, and the buyer will take legal possession of the property. This whole process is quite long as there are various steps that both buyer and seller must complete.

The bottom line

The process of buying and selling property is indeed quite daunting, but for the best results, you can take help from real estate market Wanneroo experts. 

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