SO you have signed a contract and have started thinking about moving into your new home, but what needs to be done before settlement?
First, you should ensure that you are covered in case anything happens to your new property. Most contracts will specify that the buyer is responsible for the property within this time, so organise building insurance cover.
Once the cooling-off period has expired, you will need to pay the deposit for the property to the agent’s trust account.
You should also contact your bank or financial institution to arrange for all other finance detailed in the contract.
You are advised to obtain a conveyancer at this time to complete all your legal paperwork for transacting the property. Give your real estate agent the details of your conveyancer and notify your conveyancer when you have met the conditions of the contract.
Several things should happen in the week leading up to settle- ment. You will receive a settlement statement from your conveyancer detailing the purchase price, deposit paid, rates and tax adjustments. By the last working day before settlement, ensure the amount detailed on your settlement statement is paid so that settlement is not delayed.
Also arrange for gas, electricity, telephone and other utilities to be activated for your new property. You can request final readings for the premises you are vacating while organising this. By the time all the nitty-gritty stuff is over, you should be packed and ready to move in. Your agent will contact you once settlement has been finalised to give you the keys to your new home.