Can You Plan For Moving On Settlement Day?
Moving on a settlement day is possible, but as its process can be delayed sometimes, it is best to relocate before or afterwards. Settlement day is the time for which you have been waiting after making plans for the past couple of months, organizing documents, and carrying out all the necessary formalities. It indicates that you have reached the end of the property-buying process. In the whole moving process, settlement day is more likely to be the busiest and most exhausting time. In the blog, we will go through what to expect on your settlement day in Melbourne and how you can make sure that everything goes according to plan. After this, the next step will be to relocate. Moving into your new house can be stressful, especially if it’s your first time. But there is no need to worry at all, as you can reduce any kind of difficulty with proper planning and preparation.
What Is A Settlement Day?
Settlement of the property is the legal process of transferring property ownership. In the settlement period, the buyers will have to sign some legal documents and pay the purchase price of the property to the seller to complete the transfer of the property’s ownership. After that, the property owner will get the keys and be eligible to move in. All of the hard settlement work will be handled by your legal and financial agents, but being aware of some essential factors in advance can help smooth the entire settlement process. We have mentioned some of the essential factors below:
Deciding The Duration Before Settlement:
You must have a rough idea in advance about how long the settlement will take to complete before buying a house. The settlement period can be totally up to you, or it can be a negotiation between you and the seller of the house, which has to be done before signing any legal documents. From the seller’s point of view, he might want a longer settlement process as he could still be searching for a new place. And from a buyer’s point of view, you may want to move into the new house as soon as possible. The most common duration for settlement is a minimum of 2 months.
Complete The Formalities For Settlement Day:
At the beginning of the settlement period, some documents are being prepared by the conveyancer for signing, such as transfers of land, identification of encumbrances, stamp duty, and many more. The process of transferring ownership of the house from the seller to the purchaser can take up to 15 days. In case the settlement gets delayed for any reason, there might be extra fees to be paid by both parties. Some duties of a conveyancer are:
- Read the contract properly to make sure it is appropriate and valid
- Ensure that the property’s remaining amount is totally paid
- Crosscheck the property’s measurements with the “Certificate of Title.”
During the settlement period, you can have a final inspection of the house that you are purchasing. This inspection is mostly done a week before the settlement day, which is scheduled by the seller’s agent.
Some essential guidelines related to finances and formalities that you need to follow are mentioned below:
- Payments that are not related to the purchase cost of the house have to be made on settlement day, like council rates and agent’s fees.
- Make sure to change your address on your bills and bank accounts, redirect your mail, and switch utilities.
- Take some time to go through all the legal documents carefully and sign them.
Dual Property Settlement
Dual Property Settlement (also referred to as double property settlement) is a situation where there is a sale and purchase of property and both settlements are scheduled on the same day. In this kind of settlement, there are three parties involved – the buyer, the seller, and the investor. In the dual settlement, the buyer’s money is used by the investor to purchase the property from the seller. It’s crucial to reserve your move date with reputable and experienced movers as soon as you can in case you have dual settlement because your options for moving days are limited. As your settlement time will not be confirmed until a few days before the settlement date, you need to make sure that your movers are flexible and understand your situation. Once you know the confirmed times of settlement, you can then ask your movers to plan and schedule the relocation time.
Things To Do Before Settlement Day
Some of the necessary things that you need to do before your settlement day are mentioned below:
- Make sure that you pay the remaining amount of the deposit to the seller on time.
- Consult with the bank or your mortgage agent regarding the loan structure you have taken for purchasing the property.
- Consult with your lawyer about the structure of ownership in case more than one person is buying the house.
- You must take your new house’s insurance, which starts on the day of settlement, and hand over its coverage proof to your agent.
- Have a meeting with your lawyer for signing mortgage documents (in case of money borrowed), the title transfer, and other paperwork. This meeting is usually conducted a few days before the settlement to make sure that everything is going smoothly.
- Have a discussion with the seller regarding the property’s keys, access, and other important things before settlement day.
- Consult with your lawyer about the timing of your new house settlement so that you can plan your move accordingly.
- Hire a professional moving company or arrange for your friends and family to be available for your move.
Things To Remember On Settlement Day
There are many things that you can face or experience on your settlement day. Usually, there is a meeting held between both parties representatives from the lenders (mostly a bank) and lawyers. Other essential things that have to be remembered and taken care of on settlement day are mentioned below:
- Your property loan will start on settlement day, and the lenders will pay the pending amount of the house to the seller.
- Your lawyer will also get the property title, and then it will be legally registered in the name of the property’s new owner.
- All the remaining paperwork and payments are complete.
- The settlement process is finally over, and the keys are handed over to you.
Tips For Moving On Settlement Day
In case you have already planned to move on settlement day, there are some moving tips that we have mentioned below that can make your relocation process easy and stress-free:
- Packing: Make sure to pack all your goods before settlement day so that it will be easy for you to move on settlement day.
- Declutter: Decluttering the house before your relocation by selling, donating, or disposing of your belongings will help reduce the overall load while moving.
- Inform Your Moving Company: Let your moving company know about the settlement day so that they can plan your relocation around that time. If your new house is not completely ready for you to move in, this will result in a delay in moving and lead to an increase in the expense of movers.
- Label The Boxes: Labelling all your moving boxes is important just to keep everything in an organized form and in the proper place. Prepare their checklist too.
- Access Details: You have to provide the removalists with your house access details, such as entrances, lifts, stairs, and loading and unloading zones so that they can plan your move accordingly.
- Make A Room Plan: You can plan to pack the belongings room-wise by using specific coloured stickers for every room just to help the movers know which box is going where.
- Essential Stuff: Pack a bag with your essential stuff, such as clothes, toiletries, snacks, devices, etc., in case you are unable to move on settlement day. Also, if you move on settlement day, it is still helpful to have all the necessary items with you for easy access.
Additional Tips To Ensure Timely Settlement
- Hire skilled lawyers and conveyancers to handle your settlement process.
- Complete all the documents and settle all the payments before the settlement day.
- Make sure to double-check that all the legal documents are correct.
- Schedule your house settlement as early as possible in the morning so that both parties get enough time to file all the necessary documents and can handle any troubles that might appear unexpectedly.
Say Bye To Your Old House
Moving out of your old house can be hard as it holds all the lovely memories with your loved ones, but on the other hand, you also feel excited to move into your new house. To make your settlement process smooth and easy, you can follow the tips that are discussed in this blog. After making sure that all your documents are perfect, loans are approved, and payments are sorted, the next thing is to get ready to move out. Once you are prepared to relocate, a professional moving company will assist you in packing and moving your valuable belongings with assured safety. Consider hiring Harry The Mover to make your relocation easy and stress-free so that you can stay stress-free. So, without any delay, give us a call at 1800 318 026 for a free quotation today!