Settlement is the day on which the Buyer pays the purchase price and the Seller hands over all the transfer documents and, if applicable, a release of mortgage. Usually this will occur at the office of the Seller’s bank, sometime between 11am and 5pm on the due date for settlement. Unfortunately, a fixed time cannot be guaranteed, as it usually requires approximately four parties to attend each settlement and delays can be expected.
We attend settlement and advise you when the settlement has been completed. When we return from settlement we fax the real estate agent confirming that settlement has taken place. Once we do this, the agent will hand over the keys to the Buyer.
After settlement, the Buyer’s financier will arrange for transfer of the property into the Buyer’s name. If the Buyer does not have a financier, we will do this for them. All parties get a settlement letter detailing the adjustments made at settlement and any final arrangements that need to be made.