A Buyer's role on the Settlement Date

By Pamela Wardle, Legal Practitioner Director

In our last article we discussed the Seller’s role on the Settlement Date.  If you are purchasing a residential property, your role on the Settlement Date is different in some ways to the Seller’s role. 

Similarly to if you are selling, your solicitor usually takes care of the administrative details of ensuring the correct parties, cheques and documents are available at a time and place agreed with other solicitors and banks.  Again, is absolutely vital to make sure you are available at all times in case your solicitor or financier needs further information or to sort any last minute issues that arise and to advise when settlement has been effected.

It is strongly recommended that you undertake a pre-settlement inspection on the Settlement Date before the time arranged for settlement.  Advise your solicitor what time you intend to undertake your inspection so the settlement time can be set to occur after your inspection.  When you do your pre-settlement inspection be careful to note any issues, such as damage to windows, walls or floors or if fixtures (other than Excluded Fixtures) or Included Chattels have been removed etc.  You should immediately notify your solicitor of any issues so you can discuss the rights that you may have before settlement occurs.  If you do not contact your solicitor, you solicitor may assume that you agree to proceed.

If you will be moving into the property, the Seller should have removed all of their possessions.   Unless otherwise agreed, any of the Seller’s possessions which remain on the property after settlement may become your property.  Be sure to check with your solicitor to ensure there are no exceptions which may apply.

You should also ensure any insurance, which you should have arranged at the beginning of the Contract, are in place and that you have contacted your power supplier.  Similarly to if you are selling, you do not need to transfer the water/sewerage account or rates as these are transferred when the Transfer has been registered with the Department of Natural Resources and Mines and notice has been given by that department to the relevant entities.

If you are purchasing a property, contact us to discuss any other requirements which may be relevant to your circumstances.