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Important Information – Settlement Steps

Pre-settlement Inspection Unless we tell you otherwise, your Contract will entitle you to undertake a pre-settlement steps inspection of the Property. We suggest you make arrangements with the Seller to undertake that inspection.  You may wish to engage a consultant to assist you to undertake the inspection and, among other things, check that the Property […]

Important Information – Settlement Steps

Important Information – Settlement Steps

By Aylward Game - Oct 5, 2021 Property Law

Pre-settlement Inspection

Unless we tell you otherwise, your Contract will entitle you to undertake a pre-settlement steps inspection of the Property. We suggest you make arrangements with the Seller to undertake that inspection.  You may wish to engage a consultant to assist you to undertake the inspection and, among other things, check that the Property has been finished in accordance with the agreed specifications.

Settlement Notice

We will lodge a Form 23 Settlement Notice on the title before settlement. This helps protect your interest in the Property by preventing the registration of any conflicting interest (such as a mortgage or transfer to an unrelated third party, but not a caveat or a writ of execution) until the earlier of:

  1. Two months after we lodge the notice; or
  2. Your transfer and all related documents are lodged; or
  3. It is withdrawn.

Transfer Documents

SETTLEMENT STEPS

Title to the Property will be transferred to you after settlement when transfer documents are registered in the Land Titles Office.  The transfer documents must be signed by the Seller and by you although we are able to sign the transfer documents on your behalf.

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The transfer documents will not be prepared until the title for the Property has been created.  In off-the-plan transactions, it is common practice for the Seller’s lawyers to prepare the transfer documents (as a large number of them may need to be signed by their client at the same time).

After settlement, we will lodge the transfer documents for registration unless you have a financier, in which case they will be responsible for lodging the transfer documents for registration.  Registration of the transfer is critical to your ownership of the Property and you should follow up with your financier after settlement to ensure registration. If you require us to follow up with your financier, please let us know (but this will be an extra cost to you).

Utility Services

You will need to make your own arrangements for connecting electricity, gas, telephone, internet, pay-TV services, and other utility services from the proposed settlement Steps date.  If a service provider will not arrange for connection from the settlement without authority or confirmation from the Seller please obtain this via the real estate law agent or from the Seller directly.  It is beyond the scope of our retainer.

Request Free Consultation

For more information on your specific matter, please don’t hesitate to contact one of our experienced Brisbane, Gold Coast and Sunshine Coast Property lawyers at Aylward Game Solicitors.

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