Legal matters

Once you’ve exchanged contracts you can breathe a sigh of relief and congratulate yourself on your new purchase!

Conveyancing is the next step in the buying process - which is the process where a property is transferred from one party to another.  This is usually done via one of three ways:  a solicitor, a conveyancer or by the purchaser via a do-it-yourself (DIY) convenyancing kit.

Click here for more information on the various methods of conveyancing.

How long does settlement take?

The length of time between exchange of contracts and settlement varies. It normally ranges from four to six weeks. Settlement time is normally dictated by the seller and the banks providing the mortgages, but is negotiated with the buyer.

Final Property Inspection before settlement

Normally a day prior to settlement, the buyer should visit the property for a final property inspection to make sure that it is clean and that all fixtures and fittings that were sold as part of the sale are still there e.g. dishwasher, TV antenna etc. If it’s not in the contract of sale, don’t assume it will be there when you move in! If there are any issues with the state of the house on final inspection, your solicitor or conveyancer may be able to help you resolve your issues.

What if there are problems?

If at any stage you experience problems with the buying process, you may want to contact your solicitor or conveyancer who might be able to answer your questions or guide you in the right direction.

Your lender may require insurance

Some lenders won’t lend you money unless the building is insured. Depending on the arrangements with your lender, you may not have the loan monies advanced to you until the building is insured. You are not obliged to effect insurance until the date of settlement, however, your lender may require evidence of insurance prior to settlement.

Finally, settlement day will come, when you or your representative will discuss adjustments to rates and other payments involved in switching property ownership and will hand over a cheque (or series of cheques based on the required disbursements) in return for the title of ownership. Relevant authorities will be notified about the change in ownership by either your solicitor, conveyancer or you (if DIY).