One week before settlement - What happens?

[iwtba061]

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

Questions:

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.

 

[dupli]

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.

 

[Sheryn]

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

Hmmm - IMHO this is not the service you paid for ring them up and say you have 5 questions to ask.

Questions:

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?
   
   Yes - but be prepared for this date to be rescheduled if everything not organised by these parties. You do not have to do anything if they reschedule dates.
   
2. Should I organise for a pre-settlement inspection or should I wait on my solicitor for advise on that?
   
   Yes IMHO organise pre - inspection for the day before settlement, are you seeking vacant possession so you can move in?
   
   If place in not the condition you expected or things missing eg. curtains, blinds, not clean damaged, TV antennae removed etc. You can ring Solicitor day of settlement AND instruct Solicitor not to settle due to ....
   
   
3. Should I be organising for utilities/insurance/phone etc or should I wait until I have a definite settlement date?
   
   
   ORGANISE insurance cover from day before expected settlement.
   
   Wait until you have a definite date for phone and utilities as they don't turn off
   
   
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?
   
   YOU need to organise the drawing of the bank cheques & ensure bank cheques are delivered usually by yourself to the Solicitor the day before or on the morning of settlement if settlement is in the afternoon.
   
   Solicitor's letter will tell you the time and date of settlement.
   
   
5. Should I just stop worrying and wait for my solicitor to call me this week?

Yep - the pressure is actually on your Solicitor (or their paralegal) to ensure a smooth settlement, don't sweat if there are hiccups.

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

No problems - but I wouldn't be happy if my Solicitor or more likely the Paralegal didn't want to answer my questions.


Sheryn

 

[lizzie]

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.