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Brendan Gilmour

You’ve Found Your Property, What Now?

Written by the Finance Department

You have found your property, what now?

  1. Engage a Conveyancer. They will handle most of the following steps and ensure compliance with legal standards.
  2. Deposit Payment: As outlined in the contract, typically held in trust until settlement.
  3. Legal Checks
    • Title Search: Confirm the seller legally owns the property and check for any encumbrances or liens.
    • Zoning Check: Verify zoning regulations with local council to ensure they align with your intended use of the property,
    • Property Inspection: Arrange for a professional building and pest inspection to identify any potential issues with the property.
  1. Review Contract Terms.
  1. Property Insurance: Secure property insurance ahead of settlement to protect your interests. You are liable for the property once it has gone unconditional, which means that if the house burns down between the contract going unconditional and settlement, you are liable.
  1. Loan Finalisation: If purchasing with a mortgage, finalise your home loan approval with your Hudson team to ensure funding is ready by the settlement date.
  1. Utilities and Services.
  1. Final Inspection: Conduct a final inspection of the property close to the settlement date to ensure the property is in the agreed condition.
  1. Settlement: Attend the settlement meeting where all parties finalize the transaction. Your solicitor and lender will handle the exchange of documents and payment. Confirm the transfer of the title into your name.
  1. Post-Settlement: Register the change of ownership with the local land titles office through your solicitor. Check that all related documents reflect the new ownership details accurately.

 

 

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