Settlement conveyancing is the process of transferring a property’s title from one owner to another. Once the transfer has been completed, the new owner takes possession of the property through receipt of the keys. The conveyancer facilitates the transfer and passes the keys on to the buyer’s solicitor. This must be completed before settlement day, or the buyer will have a problem with the transfer. If the sale falls through, the seller must vacate the property fully by the day of settlement.
Before the settlement, the vendor must ensure that all rent payments have been made on the property. Similarly, the purchaser cannot inherit a third party’s debt, so the seller must ensure that the property is free of all tenants before the transfer can take place. It is the seller’s responsibility to make sure that all rent payments are paid on time and by the date of settlement, and the purchaser will not be expected to contribute to the eviction process.
While settlement conveyancing can be completed online, some transactions require additional work. Sometimes, unexpected issues arise during a settlement, requiring additional work on the part of the settlement agent. It is therefore important to plan ahead for any unforeseen issues and avoid unnecessary fees. These expenses are referred to as ‘disbursements’, and include postage, faxes, printing, and transaction service fees. It is important to keep in mind that e-conveyancing will help you avoid such pitfalls.
