Belle Property

Have you agreed to a settlement date? A sale contract will typically outline a settlement day. Settlement is the conclusion of the sale transaction and usually takes place 30 days after contracts are exchanged. The buyer will need to pay all outstanding costs to ‘settle’ the property purchase at settlement. Are you prepared for settlement? Buyers and sellers don’t typically need to attend settlement in person; instead, solicitors, conveyancers, and bank representatives arrange to exchange the necessary cheques and documents. The amount owed takes into account the outstanding purchase amount (minus the deposit) as well as utility bill and tax calculations. Are you prepared to transfer ownership? The seller will hand over the title deed once payment is received. Solicitors for both parties then issue written consent that the settlement process has taken place and the keys are released to the buyer. How can we help? Our knowledgeable agents will competently steer you through the entire settlement process, connecting you with conveyancers and finance providers where required. Facilitating a seamless settlement While both the buyer and seller may be happy with an offer, the deal is not done until both parties sign copies of the contract for sale. After the contract exchange comes the settlement period. Settlement is solidified when a buyer pays the total sale price and the seller hands over the deed and property keys. Here are six key items to check off during the exchange and settlement process: Have you reviewed the contract? This step should be done before accepting an offer; it’s essential to do a final review before signing on the dotted line. Check over the finer details and make any necessary amendments and let your agent know. Are the contracts ready to be signed? Signing contracts is the legal part of selling and buying. Each party must sign before they are swapped and kept for record. At auction, exchange happens immediately after the winning bid is accepted. For private treaty sales, each party signs separately then exchanges documents by email, hand or post. The buyer and seller are legally bound once the contracts are signed. Have you taken note of the cooling-off period? There is typically a cooling-off period in place for buyers.This is 5 business days for Queensland Residential Sales. It is also possible to waiver, reduce or extend the cooling-off period by written agreement from both parties. The cooling-off period starts as soon as the contracts are exchanged and ends on the fifth day..