Settlement day marks the final step in your property transaction journey. It's an exciting, albeit sometimes nerve-wracking, milestone for buyers and sellers alike. Here’s what you need to know about what happens on this pivotal day in Perth, Western Australia.
What is Settlement Day?
Settlement day is the day the ownership of the property officially transfers from the seller to the buyer. This involves the exchange of the final purchase funds and the legal transfer of the property title. It’s coordinated by your settlement agent or conveyancer, ensuring everything goes smoothly.
The Key Players on Settlement Day
Several parties work behind the scenes to finalise the transaction:
Settlement agents/conveyancers: Handle the legal and financial paperwork.
Lenders: Manage mortgage payouts and document discharges (for the seller) or mortgage establishment (for the buyer).
Real estate agents: Facilitate key handover and confirm final arrangements.
For the Seller: Vacating the Property
If you’re living in the property, Western Australian law gives you until noon the day after settlement to vacate the premises. This rule applies even on weekends. For example, if settlement occurs on a Friday, you must move out by 12 pm on Saturday.
If you’re not living in the property, the new owners can take possession as soon as the settlement is finalised. In these cases, the keys can be handed over as soon as the settlement has been confirmed.
For the Buyer: Taking Possession
Once settlement is completed, the property officially belongs to the buyer. Here’s what happens next:
Notification of Completion: Your settlement agent will inform you that the transfer is complete.
Key Collection: If the property is vacant, you can collect the keys immediately from the real estate agent. If the seller is still residing in the home, you’ll need to wait until after the noon deadline the following day.
Utility and Service Transfers: Ensure all utilities and services are transferred into your name.
A Smooth Settlement Day Experience
To ensure everything proceeds without a hitch:
For Sellers: Be prepared to vacate on time. Arrange movers and ensure the property is clean and in the agreed-upon condition.
For Buyers: Stay in close contact with your settlement agent and real estate agent for updates.
Celebrating the Big Moment
Settlement day is a major accomplishment and the start of a new chapter. Whether you’re saying goodbye to a home full of memories or moving into your dream property, knowing what to expect can help make the process seamless.
If you’re preparing for settlement day and need expert assistance, our team at Adaptive Settlements is here to guide you every step of the way. Contact us to ensure a stress-free experience!
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