Settlement day | Property settlement guide
Property settlement is the grand finale of your home buying journey. It is the moment when you officially take ownership of the property as the new homeowner. With our guidance, you will know how to inspect your property, and we will take care of the financial tasks with your conveyancer or solicitor. You can rest knowing that Buyvest is here to simplify and guide you from start to finish. We are here to support you, ensuring that all aspects are addressed with professionalism and efficiency, so you can confidently secure your dream home.
The final property inspection
Before you celebrate, there is one last checkpoint - the final property inspection. This inspection is your last look-over to ensure everything is as you agreed when signing the contract. It is especially important if the property was lived in during the settlement period. After all, 30 to 90 days is plenty of time for life's little accidents to occur.
Do not skip the pre-settlement inspection
While not mandatory, skipping a pre-settlement inspection is not always the best idea. This inspection is your safeguard against any hidden surprises, ensuring everything is in shape before the property is legally yours.
Pre-settlement inspection tips
The ideal time for this inspection is a few days before settlement day. This timing gives you enough leeway to address any minor issues and avoid last-minute scrambles. As the buyer, the pre-settlement inspection is your responsibility. Feel free to bring along a mate or a property-savvy pal for an extra set of eyes. If you have a buyer's agent, this is where they shine. While your conveyancer will not join you, they are your first call if you spot any issues.
Pre-settlement inspection checklist
As you gear up for the final lap in your property purchasing journey, Buyvest's got your back with a detailed checklist. This essential step ensures that your soon-to-be new home is exactly in the condition you expect.
Let us dive into the details:
Water pressure check: Turn on all taps in the kitchen, bathrooms, and laundry area. Make sure they are running smoothly, and the pressure is consistent with what you observed during your initial inspections.
Curtains and blinds assessment: Verify that all curtains and blinds included in the sale are still in place and in the condition, you agreed upon. Double-check their functionality and look for any signs of damage or wear.
Examine for new signs of damage: Keep a sharp eye out for any new damage that was not present previously. This includes checking for water damage, cracks in walls, chipped paint, or any other structural issues that may have arisen.
Doors and windows functionality: Open and close all doors and windows to ensure they are functioning correctly. Pay attention to locks and latches for security purposes.
Lights and electronics operation: Flick all light switches on and off to confirm they are operational. Do not forget to check any integrated electronic systems if they are part of the sale.
Appliance testing: For any appliances included in the sale, such as dishwashers, ovens, washing machines, and dryers, run them through a basic test cycle to ensure they are in working order.
Smoke alarms inspection: Test all smoke alarms to confirm they are functional. Safety first as ensuring these are in working order is non-negotiable.
Heating and cooling systems: Activate the heating and cooling systems to verify that they are operating as expected. This is crucial for both comfort and energy efficiency.
Pest inspection: Be on the lookout for any signs of new pest infestations or damage caused by pests like termites or rodents. Check for droppings, damaged wood, or any unusual marks that could indicate pest presence.
Remember, your pre-settlement inspection is an important step in ensuring that your new home is ready and waiting for you in the condition you expect.
Found an issue? Here is the plan
Discovering a hiccup during your pre-settlement inspection can feel like a spanner has been thrown into the works, but do not worry - Buyvest has a clear plan of action for you:
Document everything: If you spot something that was not there before, get your camera, take detailed photos and jot down some notes too. This documentation is your evidence and will be crucial if any disputes arise.
Get in touch with your conveyancer: Once you have gathered your evidence, the next step is to reach out to your conveyancer. They are the experts in legalities and will guide you on the best course of action. Their expertise is invaluable in these situations, and they will help you understand your rights and options.
Negotiate if necessary - but call us first: If there is a need to negotiate with the seller, whether it is for repairs or adjustments - any changes to the agreed-upon sale price could affect your loan approval. This is where Buyvest steps in. Before you proceed with renegotiating the purchase price, give us a ring. As your local mortgage broker, we will assess how these changes might impact your loan application and advise you accordingly. Remember, our goal is to ensure your path to homeownership is smooth and free of any unexpected financial hiccups.
The final countdown
Once your pre-settlement inspection is ticked off and all is well (or being fixed), the final countdown to settlement day begins. If questions or uncertainties arise, remember Buyvest is just a call away. As your lending expert, we are here to navigate you through every step of the settlement process.
Ready to take the leap into homeownership? Reach out to Buyvest and let us start this exciting journey together. We promise we are committed to being your partner throughout the entire home buying process. If any issues arise, we are here to support and guide you, ensuring that your journey to settlement day remains on track and your dream of homeownership becomes a reality.
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Settlement day doesn’t need to be stressful.
Talk to Buyvest today for expert mortgage advice and support to make your settlement run smoothly.
Important stuff:
Please note that the views and opinions expressed in this post are general information only, and this is not financial advice.
Any advice and information is provided by Buyvest Pty Ltd ABN 91 684 841 496, Australia Credit Licence No. 567392 and is general in nature, for educational purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without considering your objectives, financial situation or needs. Therefore, consider the appropriateness of the advice for your situation and needs before taking any action. It should not be relied upon to enter into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement concerning your circumstances before deciding whether to acquire the product. You can obtain a copy of the PDS by emailing hello@buyvest.com.au. If you want to change your financial circumstances, such as applying for a loan, all loan applications are subject to credit approval.
All information on this website is subject to change without notice.
