Once your property is sold


It’s the news every seller hopes for. An offer is accepted or the hammer falls at auction day and your property is officially under contract.

But the work doesn’t instantly end once the property has a buyer. There’s a few more tasks to be ticked off the to-do list as the property heads towards settlement.

Here’s what you need to do after an offer is accepted and before settlement date.

Conveyancing

There’s a lot of paperwork required in the process of selling a property and much of this relates to the legal transfer of the property.

That’s where conveyancers and lawyers come in. They handle the legal documents and details that are required during a property sale.

If you haven’t already, now is the time to engage a conveyancer or legal representative.

They’ll manage things like title searches, council information, and any conditions of the sale.

In the process, they will help you and the buyer meet a series of deadlines which occur in the settlement journey, including the cooling off period, seller’s finance date, and more.

They’ll also arrange everything for settlement date, ensuring the contracts are exchanged and the property is officially and legally handed over to the buyer at a specific time on a specific day.

Talk to your lender

If your home has a mortgage, now’s the time to talk to your lender. They’ll help you work through the financial details of discharging that mortgage and moving any profits into your account.

You’ll probably need to provide them with some key documentation and instructions about what you want to occur. The sooner you do this after you have received a successful offer, the better.

Lenders need time to get all the paperwork ready and in place.

Chances are they will also be speaking with your conveyancer, seeking information about contract deadlines and when everything officially changes hands.

Where are you moving to?

Perhaps you already have somewhere to move to in mind, or maybe you’re seeking to buy another property in the interim or rent one.

Wherever you’re off to next, now is the time to start getting organised for that transition, ensuring you have somewhere to go when the property you are selling settles.

Preparing to leave

As settlement date approaches, it’s time to pack up your possessions, organise your removal and ensure nothing is overlooked as you exit the property.

You might also wish to get cleaners in to give the property a final once-over and have that lawn mowed for one last time.

The aim is to have the property in tip-top condition by the settlement date so your agent can hand the keys over to the buyer.

While you’re readying to move, don’t forget the little things, like contacting your electricity and telephone providers to finalise any accounts for the property.

Settlement date

Settlement day is the day the property is officially handed over to the buyer. Often settlement happens between the legal representatives of both the buyer and seller and you don’t have to be there.

Once it’s occurred the property is owned by the buyer, the sale process is complete and you are set to embark on the next exciting chapter of life.

Looking to buy or sell?

If you’re considering buying or selling a property, why not chat with one of our friendly agents on 1300 438 439 to understand the state of play in your local market?

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