Attending settlement

[july]

I am due to settle on my first ip this week, I am learning as I go (and boy oh boy have I learnt!!). My conveyancer is attending the settlement for me and I wondered if I should / can attend as well. As a matter of interest, do other investors attend settlement themselves or do most people get their conveyancers to do it, and what exactly is involved?
Thanks

 

[brains]

I never go to a settlement, my solicitor goes and calls me when its done. Its in their costs to me so they can do it.

I think they hand over cheques, title deeds and sign contracts and stuff and generally waffle on.

 

[michaelg]

Hi,

My view... go tag along, watch one, suck the mystery out of it. That way you'll learn even more

Michael G

 

[NigelW]

Brains

I've never been to a settlement where "waffling" was involved.

Either it's a "blink and you missed it" event or the other alternative is where there's some major problem, lots of angst ridden mobile calls and general gnashing of teeth.

Settlements are typically attended by young admin type clerks or junior lawyers and the banks typically have their own processing staff to attend.

4 people (sometimes more if there's a simultaneous settlement happening) stand in a line at a table...papers shuffle in one direction ie from outgoing bank to seller's lawyer/rep to buyer's lawyer/rep to buyer's bank and cheques go the other direction.

If everybody is happy with all the title details and cheque amounts then they all walk off.

I've NEVER seen a settlement clerk with time to waffle - they usually have 8 or 10 settlements a day booked in, sometimes on opposite sides of town. They operate in a hugely stressful situation and are paid bugger all as I understand it.

Another interesting characteristic of settlement clerks seems to be that they almost always have the latest wraparound oakley sunglasses (not sure if this is related to anything )

Anyone who's interested in what happens at a settlement should attend one...but after that forget about it...that's your lawyer/conveyancer's job! I've been to settlements in a professional capacity but there's no way I'd waste my time going to one of my own...too much forum to read and waffling posts to write!

Cheers

 

[brains]

Nigel,

My solicitor's clerk seem to bump into the same people at settlements regularly and therefore waffle on a bit as i suppose they get to know each other, next they will be doing settlements over lunch at the pub

Hasnt it been about 10 years since Oakley wrap around sunnies were hip?

 

[Luke]

hmmm 10 years since oakley's were hip.... That's about time to make a comeback isn't it?
Luke