When considering purchasing a property, it’s crucial to engage professionals who ensure all aspects of the transaction are handled efficiently. From understanding key settlement obligations to coordinating inspections, a comprehensive approach will save time and mitigate risks.
Below is a step-by-step guide outlining the standard process for the purchase.
Role of Buyer
- Happy with our fee, instructions given to Ninth Settlement.
- Acknowledge receiving & signing off preliminary documents, working towards outstanding item/s advised in preliminary documents.
- Building & inspection done, report sent to settlement agent.
- Finance approved
- Completing Final inspection
- Keys received from real estate agent, home ownership starts.
Role of Settlement Agent
- Contract received, arranging preliminary documents to the purchaser, notifying our representation to all the stakeholder e.g. real estate agent, seller’s settlement agent, mortgage broker etc. explaining keys dates to buyer in relation to building & termite inspection, finance, final inspection etc.
- Documents received, making sure all sign correctly, waiting on outstanding items to be completed e.g. building & termite, finance, final inspection.
- Reviewing the reports and liaising with vendor’s settlement agent to rectify items covered under the contract.
- Dealing turned unconditional, settlement date established and start preparing legal documents, conducting searches/making enquires with relevant authorities.
- Liaising with vendor’s settlement agent making sure items cover under the contract are fixed prior to settlement.
- Preparing settlement statement and requesting funds.
- Funds received, settlement booked.
- Settlement completed, notify all the stakeholder, final documents sent to buyer
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