The date of settlement is usually arranged by the vendors’ conveyancer or solicitor. They will prepare all of the necessary documents and ensuring they’re signed properly, they’ll also contact the banks that are involved to make sure they have their final documents prepared, and then they will make arrangements between all parties — buyer, vendor, banks — to meet and exchange the sales contracts and so forth.
If you’re the vendor, you won’t need to attend the settlement meeting, as you conveyancer or solicitor will typically take care of the settlement for you. That being said, you should still be aware of when the settlement meeting will take place so that you can be sure the following occurs:
The property settlement meeting will usually occur at either the office of the vendor’s conveyancer or solicitor or, because the majority of properties have a mortgage attached, many settlements take place at the vendor’s bank. Most settlement meetings are usually concluded in fewer than five minutes, which is why it’s sometimes impractical for the vendor to also be present.
Most problems that occur during the settlement process only do so due to a lack of communication. It’s vital that both the vendor and the buyer are in regular contact with their real estate sales agent, their conveyancer or solicitor, and their financial lender.
There are three common mistakes people make during the settlement process, which can result in delays or unnecessary extra costs:
The first step to ensuring the settlement of your property proceeds smoothly is to ensure you’ve enlisted the right real estate agent.
Throughout the duration of the settlement process, you will need to be in regular contact with your agent, so it’s important that you appoint a sales agent you trust and have a good rapport with.
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