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Conveyancing In Tasmania - Settlement Day Explained

Settlement is where the parties to a conveyancing transaction meet to finalise the transfer of a property from the Vendor to the Purchaser. Put simply, at settlement the Vendor’s solicitor hands over the legal documents to the Purchaser’s solicitor that, once registered at the Titles Office, transfer the legal ownership of the property in exchange for the purchase price.

The solicitor ensures that all parties required at settlement are present and know what documents they are required to provide. For example:

  • If the Purchaser is borrowing the funds for the purchase, the Purchaser’s mortgagee (ie a bank or other financial institution such as a credit union) attends settlement with a cheque for the exact amount required.
  • If the Vendor has a mortgage to discharge, their mortgagee (again normally a bank or other financial institution) is present with the original title that they are holding as security for the loan and the signed Titles Office discharge of mortgage.
  • As a general rule in Tasmania, settlements occur at the office where the title to the land being sold is held. It is usually at the Vendor’s solicitor's office or if the Vendor has a mortgage to discharge, it is at the mortgagee’s office. The exact time is arranged by negotiation, but generally they occur between 11.00am and 1.00pm or between 2.00pm and 3.30pm.

Who attends Settlement?

  • The Vendor’s solicitor;
  • If the Vendor has any mortgages or caveats registered over their title, their representative will attend with the discharge documents in return for the funds required to discharge the mortgage or caveat;
  • The Purchaser’s solicitor; and
  • The incoming mortgagee (if any), exchanging their loan funds for the property title and transfer documents being supplied to the Purchaser by the Vendor.

Registration

Within a day or two of settlement, the documents are lodged by the registering party (either the Purchaser’s solicitor or the Purchaser’s bank) at the Titles Office to effect the transfer of the title to the Purchaser.  The registration process usually then takes between one and four weeks to complete, depending on the complexity of the transfer.

Once the dealing has been registered, the duplicate Certificate of Title will be returned to the party that registered the documents. 

Cormiston Legal has extensive experience in the conveyancing process and is here to help you make the sale or purchase of your Tasmanian property stress free.

Contact us to obtain a quote by visiting http://www.cormistonlegal.com.au/conveyancing_quote

For more information about Cormiston Legal please visit www.cormistonlegal.com.au or call us on 03 6332 9353.

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