Understanding the Property Settlement Process in Victoria
Before settling the purchase price of your new home, it is crucial that you understand the property settlement process in Victoria. The settlement process involves the exchange of ownership documents and the payment of all finance documents. You must ensure that your conveyancer and buyer are on the same page throughout this process. You must keep in regular contact with them as delays can be stressful, not only for you but for them as well. After settlement, you can collect the keys and title deeds of your new home.
Alternatively, you can issue a Notice to Complete to the vendor, giving them an extra 14 days to settle the transaction. The vendor will be liable for the penalty interest if the settlement is delayed. Delay can cost you money and can cancel the transaction entirely. Fortunately, most vendors are willing to work out an expedient solution that suits their schedule. In most cases, a vendor will be happy to agree to an early settlement, but a delay can cost you money.
Besides valuing the accounts, a property settlement can involve arranging a final inspection of the house. During the final inspection, the buyer will discover any damages or problems that the seller did not mention in the contract. In such cases, he will contact the seller and make arrangements to fix the problem. It is important that the buyer has a clear understanding of the property settlement process before the settlement date. So, make sure to thoroughly check the property before the settlement date.