4 Preparatory Actions To Ensure a Smooth Run On Settlement Day

16 March 2017
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Your property settlement day is just as stressful as the process of actually buying the house because you're finally handing over your life savings and willing to put yourself in debt for the dream of owning a home. But some preparatory actions ahead of settlement can actually make things run a lot more smoothly. Follow them and reduce your stress.

Get Your Loan Contract In Order With Your Lender

Once you sign the sales contract, you will need to proceed towards getting unconditional loan approval from the bank. Your bank or lender will offer you a loan contract, which is vital for settlement, so make sure you check that all the information is accurate on it. Follow the instructions provided in the contract for signing and make sure your lender receives them, or else you'll end up with heaps of trouble when you're closer to settlement.

Make Sure There Are No Issues With The Property Title

You must ideally perform a property title search between signing the contract and settlement to ensure that there are no surprises to the property's legal ownership. Once you verify the authenticity of the title, you'll feel assured that you're buying the home from the right party, and will eliminate any legal issues that may arise in the future.

Get Your Home And Contents Insurance Ready

After settlement, all responsibility of the property lies on you. So you must get it started from the moment settlement takes place. You will need to consider the cost of the build or home, along with any valuables you plan on placing inside. Home and contents insurance is vital because it protects you from any damage caused by weather conditions or theft from the day you own the home.

Inspect Your Property Before You Settle

You should always inspect your property before you settle, so that you're absolutely happy with it. If possible, organise it in the morning or during the day to properly inspect for faults and issues that need replacement. Make sure the inclusions listed in the contract are inside the home. This could include anything from blinds and security screens to fixtures and appliances. Make sure you're happy with the condition of the property before settlement day for the best results. If you're unhappy with something, raise it with the vendor before settlement to get them to make the changes beforehand based on the contract stipulations.

Follow these efforts to ensure that your property settlement goes off as smoothly as possible. For more information or advice, contact a local settlement agent.