Settlement Day – Selling Your Property in NSW
Settlement day can be stressful for some but if you have an experienced Conveyancer on your side, you have less reasons to stress. Navigating the waters of property sale can be a mix of excitement and trepidation. Especially when Settlement Day approaches. But fret not, we’re here to break it down for you in bite-sized chunks so that when the day comes, you’re sailing smoothly. And hopefully, popping some bubbly at the end!
When’s the Big Day?
Contrary to what many think, settlement isn’t a random day plucked out of thin air. It’s agreed upon during contract negotiations between you (the seller) and the buyer. This period – fondly termed the “contract period” – is there to ensure all legalities are in order, ensuring a seamless transfer of your property. Depending on where your property is and your contract’s specifics, you might be looking at a span ranging from 28 to 120 days. Think of it as the suspense-building montage before the event.
Decoding Settlement Day:
At its core, settlement is the grand finale. It’s where the financial transactions are squared up, the paperwork shuffled, and the keys to your property pass on to the elated new owners. It’s like the closing scene in a play; the curtain falls, and everyone gets their due.
The Day’s Play-by-Play:
- Cash Flow: Property sales usually involve some payments. On the day, ensure you’re ready to cover any outstanding amounts owed on your property mortgage. Concurrently, the buyer should have the funds to cover the balance of the property’s price.
- Title Handover: The title to your property isn’t just a piece of paper; it’s the symbolic baton pass. On settlement day, it changes hands, signifying the buyer’s new ownership of the space you’ve sold. This transition is choreographed by your conveyancer, working with their counterpart on the buyer’s side and the local land titles office, ensuring all the Ts are crossed and Is dotted.
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Seller’s Checklist
Your role isn’t just about handing over keys. There are a few critical points:
- Clear those Dues: Make sure things like council and water rates are paid up to the date of settlement. From the next day onwards, the buyer picks up the tab. Your conveyancer will give you the low-down on any adjustments made during this process.
- Maintain the Property: It should look the same as it did on the contract date, gardens and all. If something’s amiss, like a broken window or an unkempt garden, you’re on the hook for fixing it before settlement or compensating the buyer.
- Prepare for Inspection: Before settlement, buyers will typically do a once-over. Make sure your property is clean, and everything agreed upon in the contract is in order. Personal touches, like a welcome pack with appliance manuals or paint swatches, can be a warm gesture for the new homeowners.
Tips for a Flawless Finish
Procrastination Isn’t Your Friend
Given that some buyers may want to move in ASAP, ensure your property is in top shape well before settlement. And maybe squeeze in a farewell party if you’re relocating!
Embrace the Bittersweet
Parting with a loved home is emotional. But instead of dwelling on the goodbye, relish the new adventures your next address promises.
Cherish the Moment
If you’ve got a solid conveyancer, settlement can proceed smoothly, even without you. Once it’s done, whether it’s raising a toast or just taking a moment to pat yourself on the back, enjoy the culmination of your hard work.
