One week before settlement - What happens?

Discussion in 'The Buying/Selling Process' started by iwtba061, 23rd Nov, 2009.

  1. iwtba061

    iwtba061 Member

    14th Oct, 2008
    Sydney, NSW
    Hi all,

    I am a first home buyer (NSW) and I am not familiar with the process, so please excuse the very basic questions :)

    Settlement is due in just over a week (December 2) and I am wondering what is supposed to happen at this stage.

    About 2 weeks ago I called my solicitor for an update and I was told quite abruptly told to "just wait until you get an update", so I'm a bit wary on calling for an update :)

    1. According to the contract the settlement date is December 2. Should I assume that is the settlement date, or do the two solicitors and the bank agree on a finalised date and advise me?
    2. Should I organise for a pre-settlement inspection or should I wait on my solicitor for advise on that?
    3. Should I be organising for utilities/insurance/phone etc or should I wait until I have a definite settlement date?
    4. I am told that I should shortly receive advise from the solicitor on how the cheques are to be drawn. When should that normally come through? Do I need to organise to write up the cheques or does the solicitor/bank do this for me?
    5. Should I just stop worrying and wait for my solicitor to call me this week?

    Thank you very much in advance for your help, look forward to your responses.
  2. dupli

    dupli Member

    10th Oct, 2009
    Melbourne, Victoria
    We just bought our first house (apartment). As best as I can tell you need to organise to hook up power/water/gas/etc...

    As far as everything else, our conveyencer just talks to our bank and the vendors solicitor. The conveyencer just sorts it out and then you get a call saying you can pick up the keys.

    Your conveyencer tells the bank what checks to write, then on the day, your conveyencer gets the cheques off the bank, and gives them on to the vendors conveyencer. The vendors conveyencer once happy, gives the ok for the keys to be handed to you.
  3. Sheryn

    Sheryn Member

    16th Oct, 2006
    North Coast NSW
    No problems - but I wouldn't be happy if my Solicitor or more likely the Paralegal didn't want to answer my questions.

  4. lizzie

    lizzie when i grow up ...

    13th Sep, 2004
    back in the painting clothes
    i agree with sheryn - except for the bit about the cheques.

    dupli is right, your conveyancer and your bank will liase to organise any cheques (unless you are drawing futher funds from your private stash) an you don't need to get involved.

    trust your solicitor. they will do what is required and let you know what you need to do .... which is usually nothing expect organise insurance, do final inspection and let them know you you don't want to settle due to rubbish/non-vacancy (if supp to be vacant)/damage etc, and wait for them to ring you to say "congratulations, go pick up the key."

    don't stress.