IMPORTANT INFO FOR THE PURCHASE OR SALE OF YOUR PROPERTY

The process of actually purchasing or selling your home starts with the Contract Date and ends with the Settlement Date.

First comes the contract date, which is the day upon which the seller agrees in writing to sell the home or property.  The other date is the Settlement Date, when all monies owed have been transferred and the sale is closed out.

Once the contract has been signed, there is a chain of events which follows that ends with the settlement date.  It is necessary for the prospective owner to have at least a general understanding of this process, even if you are getting a settlement agent or conveyancer to act on your behalf.

Your settlement agent and the seller’s will be communicating in depth as this process progresses from the one date to the other, with payment amounts and details being vitally important.  For reasons listed below, the tracking of the money that is to be transferred is absolutely necessary.  Transfers are usually this in the form of cheques or electronic transfers.

The amount owing can change when the home owner has a mortgage to pay off using the funds generated by the sale.  By tracking the amount right up to the signing of the cheque, the settlement agent ensures no mistakes will be made that might unhinge the sale.  Often the banks will hold off on calculating the exact amounts owing on the property until the last possible moment.

The buyer and settlement agent then draw up the appropriate cheques and deliver them accordingly. 

Now the hardest part…. the waiting by the phone to receive the call that everything is moving steadily and there are no hold-ups.

Next comes the change of names on the property title.  The legal term for this is Registration of Title.  That’s it – with the assistance of the settlement agent for this last formality, the sale/purchase is complete.

Don’t forget that a good conveyancer is just about the most vital part of this transaction.  Look for a settlement agency with a established reputation for accuracy and quality.  An essential ingredient in this process is integrity – and you need to trust the settlement agent with whom you are working.

Perth property settlement agency, the Settlement Group will cover all these areas with absolute dedication and consummate customer service.