To make the settlement period a smooth process, there are a few items to check off the list:
Deal with any encumbrances prior to the settlement period. You can do this by instructing your solicitor or conveyancer to carry out a title search prior to purchase.
One of your top priorities after signing the contract of sale is to get your funding in place – failure to do this is one of the major reasons that a settlement can be delayed. An alternative to this is to find a bank that will pre-approve the loan, so you don’t have to worry as yo go into the settlement phase.
Although a standard settlement is between 30 and 90 days, you can negotiate a period that suits both you and the seller, making the process much smoother.
Keep in touch
Finally, chase up the key players seven-ten days before the settlement. Call (don’t email) your conveyancer or solicitor, your bank or mortgage broker, and the vendor’s solicitor or real estate agent to ask the following questions:
Is everything on track for settlement on (this date)?
Is there anything that is missing that could stop settlement?
Is there anything I can do to help?
For any questions about the buying process, get in touch with your local Ray White office.