Helpful Settlement Information
The Settlement process can feel overwhelming and stressful if you are unsure about the process, so here are some pressure points to keep in mind; If you have made travel plans during the settlement period or you are a FIFO worker, please contact our office and notify us of your departure dates to enable prompt signing of your documents.
The Transfer of Land Document
this document is vital to the settlement process and must be signed by both the seller and buyer. As a purchaser, you will receive the Transfer for execution first, and your signature must be witnessed by a person over the age of 18 years who is not a party to the contract. As a seller, you will receive the Transfer once the purchaser's settlement agent has forwarded the transfer to our office and we will then pass onto you for signing and witnessing. Please ensure you sign the Transfer with your true and correct signature and it must match your signature on your bank documentation.
Banks
We recommend you contact your Bank or Broker at your earliest convenience to sign all relevant Mortgage or Discharge of Mortgage Documents if required.
Special Conditions
Ensure that all Special Conditions, ie: Timber Pest Inspections, Building Inspections are fulfilled on time (your real estate agent will be able to aid in this process). It is strongly recommended that you make adequate arrangements regarding the insurance on the property. As far as insurance is concerned, the property is generally at your risk from the date of settlement or possession date whichever is the earlier. Please note we cannot make insurance arrangements for you.
Verification of Identity (VOI)
If you are selling a property, it is now a legal requirement from the Office of State Revenue for all sellers to complete a Verification of Identity (VOI) form at your local Australia Post or your nominated Settlement Agent. Ritz is happy to help make arrangements to minimalise any inconvenience by identifying you at a mutually convenient time.
Final Inspection
This should be arranged with your Real Estate Agent and completed within 5 business days before settlement date or possession date. Please make sure the property is in the same state and condition as it was when the offer was made.
You will receive a final settlement statement from us showing the adjustment of rates and taxes and outlining all final settlement figures.
You will be notified immediately once settlement has occurred so you can make necessary arrangements regarding the handing over of keys and any other security devices to the property. Please note if the property is the Seller's normal place of residence, the Seller is entitled to occupy the property until 12.00 noon on the day following settlement to allow adequate time for the Seller to vacate the property. A confirmation of settlement letter will be forwarded to you with your final statement.
*It is important that you are aware that we cannot make arrangements regarding the disconnection / connection of the power, gas and telephone services to the property. We are unable to attend to these matters as they are occupier agreements. We do however notify the Local Authority, Water Corporation and Department of Treasury and Finance of the change of ownership and arrange for the water meter to be read prior to settlement.
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Please feel free to browse our site, make use of the information provided and be sure to contact us for a quote or if you have any questions.