Settlement-Closing

The following are some important things that you need to attend to in the weeks and days before your settlement-closing date.

1. DEAL WITH DOCUMENTS IMMEDIATELY

After you have signed the Contract to buy your home, things will keep progressing at a fairly quick pace and there is a lot to be done by your representative and your lender in order to ensure that settlement/closing of the purchase occurs on the due date.

You can assist in this process by dealing promptly with any requests of your lender or representative and executing any documents you receive immediately and ensuring they are sent back.

2. TRANSFERRING SERVICES/UTILITIES

Arrange to have the electricity, gas and telephone at both your old and your new homes transferred.

Find out about any time restraints/requirements.

Request final readings.

3. BOOK YOUR REMOVALIST

Make your booking well in advance to ensure the movers are available on your big day.

Sort out boxes/packing cases. If you are using a removal company, they will be able to supply you with packing boxes in advance.

4. NOTIFICATION OF NEW ADDRESS.

Arrange for MAIL to be redirected.

Prepare written notification of your new address to the following:

• Bank/financial institution/broker

• Building Society/Credit Union

• Clubs and Societies to which you belong

• Credit card companies

• Dentist

• Doctor

• Drivers licence and vehicle registration authority

• Employer

• Superannuation

• Insurance Companies (car, property, health & life)

• Electoral Commission

• Professional bodies to which you belong

• Schools

• Store credit cards

• Subscriptions

• Any other people who need to know

5. FINAL INSPECTION

It is advisable to arrange a final inspection with the selling agent/broker during the week prior to settlement/closing to ensure all items are in situ and there is no damage or anything the Vendor needs to attend to under the Contract.

Make sure all special items have been attended to.

Advise your representative immediately if anything remains that requires attention or if there is any damage to the property.

6. SETTLEMENT-CLOSING DAY

Before the big day, check in with your representative and your lender to make sure there is nothing else you need to attend to.

Usually you are not required to be present as your representative attend to this on your behalf and contact you as soon as your matter is completed.