So you have entered into a contract to purchase a Tasmanian property, what happens next?
This article explains the things that need to be done after the contract has been signed.
Instruct a Lawyer
Instruct a law firm to act on your behalf to settle your purchase. They will liaise with you, your financiers and the vendor’s lawyer to ensure that you receive legal ownership of the property and that all adjustments are made in a fair and appropriate manner.
Once the contract is unconditional (ie all conditions such as finance and building inspections have been met) it is very important that you take out insurance on the property immediately. Depending on the terms of the contract, if the building is destroyed by a fire prior to settlement it may be the purchaser’s problem and the vendor can require the purchaser to settle the contract.
The deposit is payable, normally within 1 -5 days depending on the terms of the contract, to the agent’s trust account.
If you are obtaining a loan to purchase the property you need to keep in regular contact with your bank to ensure that all mortgage documentation is signed and as quickly as possible to avoid any delay in settlement. You need to let your lawyer know the bank you are using and their contact details.
If you are contributing funds in addition to your loan, you will need to arrange with your lawyer to deposit the funds to their trust account prior to the day of settlement so that they can draw cheques for settlement.
You need to make arrangements in relation to utility connections such as power, phone and internet to ensure that they are connected by the time you want to move into your new property.
Contact the Agent to make arrangements in relation to the collection of keys after settlement.
Last Minute Items
You should ensure that you are easily contactable in the days leading up to settlement in case your lawyer or financier needs to contact you in case of any last minute instructions.
Once settlement has occurred your lawyer will call you to confirm settlement, then it is time to celebrate and organise your house warming party!
Cormiston Legal is happy to help with your sale or purchase of Tasmanian property. You can 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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