When settlement time comes your solicitor or conveyancer usually carries out the transfer. This involves arranging for the balance of the purchase price to be paid either directly to you or into your bank account. Agents normally deduct their commission fee from the deposit after settlement and forward the balance to you.

Discharging your mortgage

To discharge a mortgage your solicitor/conveyancer (or you) will need to:

• Contact the bank or lending institution that holds the mortgage to let them know that the mortgage will be discharged, as soon as contracts have been exchanged.

• Once they know what the settlement date is, they will tell you what the final pay-out figure for the mortgage is (which will include a charge for discharging the mortgage).

• Your mortgage provider will be paid out any outstanding amounts. Once the bank is paid out the title deeds may be transferred to the new owner or new mortgage provider.

• A document called a discharge of mortgage is given to the buyer at settlement, who then lodges it at the Land Titles Office.