Step 4 – Pre Settlement
We will arrange with your estate agent to account to you for the deposit. Generally, the earliest the deposit can be released to you is 28 days after contracts have been signed.
Transfer & PEXA
As from 1 July 2018, all settlements are conducted electronically via PEXA. You will appoint us as your legal agent to sign Transfers on your behalf.
Verification of Identity (VOI)
A mandatory requirement is identity checks. You will need to make an appointment to complete a face to face verification of identity. You will need to bring with you your original passport and driver’s licence (and/or Medicare and marriage certificate) to complete the VOI checks. You can also complete VOI at Australia Post.
At settlement, an adjustment is made for council and water rates, land tax, as well as owners corporation fees (if applicable). We suggest that you don’t make any payments in the last 4 weeks before settlement to avoid errors. With respect to water rates, you need to contact the rating authority to arrange a final water meter reading. You will then receive a final account for water usage.
The adjustment of rates will ensure that all rates and taxes due on the property up until settlement date are paid and the Purchaser pays from the settlement date. Most Councils and Land Tax (State Revenue Office) will require all rates and land tax for the current rating year to be paid at settlement even though they may not be due until a later date. This will be reflected in the adjustments. Land tax is a special case and is adjusted on the single holding basis which may differ from what you have been charged. Any arrears and/or outstanding interest on the rates and charges will be adjusted together with fees pertaining to the discharge of any mortgage or caveat.
We will arrange and attend to settlement via PEXA. With the balance of monies due this will be paid directly into your nominated bank account. We all want the money to be deposited into the correct account thus we need to verify your account details by an email and a voice conversation.
The purchaser is entitled to an inspection of the property in the week preceding settlement. The purpose is to check that the property is in the same condition and state of repair as at the date of the contract. Problems arise when vendors post-contract seek to remove or exchange light fittings or curtains and even garden plants. If you wish to keep any such chattels these must be specifically excluded in the contract.
On the day of settlement, you need to leave the keys with the estate agent. Arrangements need to be made with the removalists to have the property vacant by the appointed time of settlement which is normally around noon on the day of settlement. We will advise you of the exact time of settlement.
Electricity, Gas, Telephone
You should arrange for an electricity meter reading, gas reading &c. to be made so final accounts can be sent to you.
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