To make the settlement period a smooth
process, there are a few items to check
off the list:
Deal with any caveats or encumbrances prior to
the settlement period. You can do this by instructing
your solicitor or conveyancer to carry out a title
search prior to purchase.
One of your top priorities after signing the contract of
sale is to get your funding in place - failure to do this is
one of the major reasons that a settlement can be delayed.
An alternative to this is to find a bank that will pre-approve
the loan, so you don’t have to worry as you go into the
settlement phase. (See the finance section, page 10.)
Although a standard settlement is between 30 and 90
days, you can negotiate a period that suits both you and
the seller, making the process much smoother.
Keep in touch
Finally, chase up the key players seven-ten days before
the settlement. Call (don’t email) your conveyancer or
solicitor, your bank or mortgage broker, and the vendor’s
solicitor or real estate agent to ask the following questions:
Is everything on track for settlement on [this date]?
I s there anything that is missing that could
Is there anything I can do to help?
For any questions about the buying process,
or to locate your local office, visit raywhite.com