When is property settlement?
25th Mar 2010
The settlement date normally is four to six week after the exchange of contracts (unless you have purchased a property off the plan!). The settlement date is the day when the buyer, having paid the rest of the house price, receives the keys to his home.
Your solicitor should arrange the settlement date, time and location and will inform the mortgagee (lender of funds).
On settlement day, the balance of the purchase price is paid and the title deeds (legal documents stating property ownership) are handed over. If you purchase the property without financial assistance, the transfer of title to the property will be given to you or your legal representative. Otherwise the lender will receive the transfer document and title deed. Finally, the keys are handed over.
The buyer is entitled to vacant possession at the time of settlement. This means you can move your belongings straight in. You are also entitled to a last inspection just prior to settlement to make sure that everything is exactly the way it was at the time you made your offer.