So, you've scoured the internet, attended home opens, made offers, and finally secured your dream property. Now, you're eagerly awaiting settlement. While the hard part might seem over, there are crucial steps to ensure a seamless property settlement process.
Adaptive Settlements is here to provide you with essential Perth property seettlement tips for a hassle-free experience.
1. Caution with Cash Offers
While cash offers are often perceived as favourable, making a cash offer without having the funds readily available can be risky. Even if you have pre-approval or anticipate loan approval, unexpected issues can arise. Failing to fulfil a cash offer could lead to penalties and the risk of being locked into a property you can't finance.
2. Scrutinise Contract Details
Settlement is a legal process, so meticulous attention to detail is paramount. Verify that all contract details, including the correct spelling of names and addresses, are accurate. Ensure you use your full legal name to avoid complications down the line.
3. Verify Names on the Contract
It's common for one partner to make an offer without the other's presence and assume the second name can be added later. However, this can be more complex than it appears. If the ultimate purchaser's name on the transfer differs from the name on the Offer and Acceptance, additional stamp duty may be imposed.
4. Contract Conditions
If you have specific conditions that must be met before settlement, include them in the Offer and Acceptance. Never assume anything is automatic; if you're unsure, consult with the real estate agent or your settlement agent to ensure that all conditions are well-documented.
5. Allow Adequate Time
As exciting as buying a new home is, allowing ample time for settlement is essential, especially if you're arranging finance. Typically, the contract specifies a deadline for obtaining finance. If you can't meet this condition, the contract may default unless both parties agree to new terms. Lenders can take several weeks to process a loan application, so plan ahead and provide sufficient time for finance approval.
6. Pre-settlement Inspection
As a buyer, you have the legal right to inspect the property before settlement. Schedule this inspection approximately a week before the settlement date. This allows any issues or discrepancies to be addressed and resolved before the scheduled settlement.
If you have any questions or concerns about the settlement process, don't hesitate to contact Adaptive Settlements at 08 6317 9994. We're here to guide you through a smooth and stress-free property settlement in Perth.
コメント