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5 Things to Do Before Settlement

By Rae & Partners — August 27, 2019

Purchasing a property is an exciting and often overwhelming experience. During the conveyancing process, while your lawyer is processing the transfer, you may wonder ‘what's next?’. To ensure you’re ready for your next move, read our pre-settlement checklist for some key things you can work on during the conveyancing process.

1. Pay deposit

First and foremost, it’s vital that you pay the deposit within the timeframe specified in your contract of sale. This is one of the most important steps in getting the conveyancing process underway. The deposit will be held in trust by the real estate agent until the settlement is finalised. Payment of your deposit will often fall due within five days of signing the contract, however, make sure to double-check your contract.

2. Organise insurance

Once the conditions in your contract have been satisfied, usually the property will be at your risk. It’s a good idea to take the time before settlement to contact your insurance provider to organise home and contents insurance or strata title insurance if necessary.

3. Notify new address

Notifying relevant parties of your new address may seem simple, but once you’re occupied with moving, it may be easy for little things to slip your mind. We suggest keeping a running list of important people you will need to notify. This list may include your bank, doctor, insurer, telephone provider, relatives, friends, workplace, Department of State Growth (drivers license), newspaper and magazine subscriptions, and anyone else who may have your address. You may also organise for a redirection of mail to your new address through Australia Post.

4. Connect to amenities

Unless you enjoy living in the dark, you’ll need to organise for amenities to be connected under your name prior to moving into your new property. Your conveyancer will send you a change of ownership form to the Water Authority to advise of settlement, however, you will need to contact your water, internet and energy providers to ensure everything is connected.

5. Inspection of the property

It’s a common practice during conveyancing for you to undertake a final inspection of the property. Usually, this will be done shortly before settlement and will give you the opportunity to ensure the house is in the same condition it was when you made your offer to purchase, and that any repairs agreed upon in the contract have been made. If there are any issues during your inspection, let your conveyancer know immediately.

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At Rae & Partners, our Launceston conveyancing team are here to support you through the conveyancing process. Your conveyancer will touch base throughout your settlement period to let you know when key dates, such as building inspection, or finance periods are approaching.

Our conveyancers in Launceston and Devonport are always ready for your next move. If you have questions about the next step in your conveyance, get in touch with our Launceston conveyancing and property law team.