Your Complete Guide to Selling at Auction 17 Settlement generally takes place between you, the buyer and your legal/financial representatives. Officially, it’s where ownership passes fromyou to the buyer, and the balance of the sale price is paid to you or your financial institution. As the seller, youwould have set the settlement date within the contract of sale. Settlement usually occurs 30-90 days after the contract has been signed, depending on what has been agreed upon. As the seller, youmust hand the property over on settlement in the same condition inwhich it was inspected. COMPLETING THESALE On the day of settlement, your solicitor or conveyancer will exchange the following with the buyer’s solicitor or conveyancer: • Monies • Transfer documentation. Once settlement has been completed, your solicitor or conveyancer will register your discharge of mortgage and transfer and the buyer’s solicitor or conveyancer will register the necessary documentation e.g. transfer, mortgage with the Land Titles Registry. The next steps are to ensure you’re well prepared for themove to your new home.
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