Once your legal representative has been advised of the settlement date, there are a few things that they must do to help you prepare for settlement.
- Advise you of the settlement date, which will be in accordance with your contract of sale.
- Advise your bank of the settlement date and ensure that they receive all the necessary title details to prepare mortgage documents.
- Prepare the transfer of land document and deliver it to the Vendor’s solicitor at least 10 days before settlement. The delivery of the transfer of land document is not acceptance of title.
- Provide the bank cheque details to the Vendor’s solicitor.
- Contact your financial institution when booking settlement to make sure that your funds are in place to pay the vendor and provide the bank with any necessary details. You must ensure that you have the funds with your legal representative at least 24 hours prior to settlement.
- If adjustments are required to council rates or other charges, ensure you only pay post-settlement bills. The Statement of Adjustment will be provided by the Vendor’s solicitor 7 days prior to settlement outlining any land tax, council rates or other fees that need to be allowed for as part of the final settlement amount.
- Assist with advising you about what statutory fees you need to pay, such as stamp duty and transfer fees.
- Advise you on the cheques (up to 4 separate cheques) that need to be drawn ready for settlement.
- Attend settlement on your behalf with the Vendor’s solicitor and your financial institution
You are responsible for the following:
- Make sure you are in a position to settle on time. If you request an extension to the agreed settlement terms, you may incur penalty interest.
- Ensure that your funds are with your legal representative at least 24 hours prior to the advised settlement timeframe.
- Thornhill Park will ensure that the block is free from debris prior to settlement. After settlement, any debris on your block, including anything dumped illegally, is your responsibility and you will have to pay to have it removed. We suggest you take a walk on your block and find the wooden or plastic survey pegs (50mm square and between 50 and 100mm high). The pegs are white and often have the lot number painted in black). Please check with the Thornhill Park Sales Team prior to entering a construction site.