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Settlement Solutions

Questions commonly asked when selling your property.

General

  • It is important that you attend to any requests for signing documents etc. as early as possible and return documents quickly, particularly when the time frame for settlement is short, or the post is likely to take longer than the standard one business day.
  • Take prompt action concerning any Special Conditions, which you have stipulated or may need to satisfy, in your Contract for Sale by Offer & Acceptance.
  • If you plan to be away during the period leading up to the settlement, make sure any necessary documents have been signed and leave alternative contact details with your Settlement Agent.

1. What if I have a Mortgage on the property?

If there is a Mortgage registered on the property, then you should contact your bank or financial institution as soon as possible and take whatever action is necessary to make sure that the bank is ready with documents to discharge the mortgage by the settlement date. You will be required to sign an “Authority to Discharge” and should do so without delay once the bank has provided you with the necessary forms.

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2. If I’ve got a mortgage, who has got the Title?

If the property is currently mortgaged your financial institution will have the Duplicate Certificate of Title.

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3. I’ve got the Title – What do I do with it?

If you hold the Certificate of Title, you will need to take it to your Settlement Agent prior to the settlement date. Make sure you receive a receipt for the Certificate of Title. The document is then held by your Settlement Agent, to be handed over at settlement, in exchange for the correct balance of purchase price.

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4. When do I move out?

If the property is your normal place of residence, you are entitled to stay in possession (ie. occupy the property) until noon on the day following settlement. This provision is intended to allow you adequate time to vacate the property.

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5. What do I do with the keys?

After settlement, make sure that any keys to the property are handed to the Real Estate Agent so that the purchaser can collect them.

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6. Do I have to disconnect the power, gas and telephone?

Yes. The utilities to the property are the responsibility of the owner/consumer. You are liable for all the services and should make your own arrangements to discontinue them.

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7. What about the Shire and Water Rates?

Your Settlement Agent will notify the local Council and the Water Corporation of the change of ownership and arrange for the meter to be read.

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8. Should I pay my Rates if I receive any notices?

If you receive any accounts for water or Local Government rates or land tax during the period leading up to settlement, it is best to forward them to your settlement agent so that they can apportion the rates and ensure that payment is made following settlement.

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