Who attends the exchange of contracts?
The solicitor or the agent does, depending on whether contracts are being exchanged with or without a cooling-off period.
What happens after exchange of contracts and prior to settlement?
There are a number of administrative matters the solicitor attends to after exchange and prior to settlement.
These include:
- Lodgement of your application for First Home Grant Scheme (if applicable)
- Requests for requisitions on title from the vendor
- Attend to stamping of contract and transfer
- The mortgagee (bank) will require its mortgage documentation signed by you and advise us of its list of requirements
- Comply with the mortgagee’s list of requirements
- Arrange a date, time and place for settlement
- Calculate settlement figures
- Liaise with mortgagee (bank) and vendor’s solicitors as to settlement and monies payable to complete the purchase
- Prepare for attending on settlement and make sure all documentation and funds required to complete the purchase are in order and attend to other ancillary matters not listed above.
Who attends settlement?
Your solicitor does on your behalf. Once settlement is completed, the solicitor or us immediately telephone you with the outcome.
What happens after settlement?
The solicitor reports to you in full as to the outcome and figures and account to you for their services.
What should I do after settlement?
Have you notified everyone of your change of address? Use the checklist below:
- Banks, Credit Union, or other credit providers
- Employer
- Superannuation fund
- Insurer
- Roads and Traffic Authority
- Integral
- Telstra
- AGL
- Foxtel
- Australian Electoral Commission
- Medicare and health fund
- Club or sporting body
- Family and Friends
NB: At the time of completion of the purchase, a notice is to be recorded at the Land Titles Office, Sydney advising the Council, Sydney Water and Valuer General of your new address.
Has the title to the property been recorded into your name/s yet?
At the time of settlement, the mortgagee (Bank) receives the title documents to your property. It will proceed to register the property into your name/s and will retain the title deed as part ot its overall security for the mortgage. Once the mortgage is repaid and/or discharged the mortgagee will make the title deed available to you.
It is always best to check with your mortgagee in about a one month’s time to make sure the title has been recorded into your name/s and that the title deed is being held by the mortgagee in safe custody.
If you are unable to get an answer from your mortgagee, please do not hesitate to contact our office and we will follow it up for you.