Settlement Date and Payment Questions

Can somebody answer me a few questions,

i have settlement occuring on the Friday 20th Jan 2012, no other non standard diddly finance clauses

I will be paying for this property with no loan (long story)

naturally, most of my banks have a daily transfer limit of $20k, with funds spread across a few accounts

Im trying to work out the best way to pay,

If I were to pay by cheque, is it ok to give them a cheque on the 20th even though they won't have funds on this day? or can I even post the cheque on the 20th?

or can I start doing a bank transfer of $20k per day until payment is complete FROM the completion date (20th)?

I can't start transferring it today I guess because paperwork is still happening, and there is also interest acrruing on the funds?

or is there a more simple, cost effective way of doing this?

at present, its probably too hard/not time possible to have all teh funds in one account that ISNT a high savings account such as ING, Ubank, bankwest etc. etc
thanks everyone!
 
Best way to pay a large sum of money is via a bank cheque. Go to the bank, tell them how much money you need, pay a small fee and they'll give you the cheque.
 
Best way to pay a large sum of money is via a bank cheque. Go to the bank, tell them how much money you need, pay a small fee and they'll give you the cheque.

hey aaron

normally, I would , however, ubank/ings and other high interest account banks, dont have branches, well as far as Im aware
 
Banks don't normally accept personal cheques at settlement (I guess in case it bounces).

You can make arrangements for your solicitor to pay the settlement funds out of his/her Trust Account on settlement day. However, they'd want to see the funds from you cleared first (obviously).

You could also contact you bank and arrange for the $20K limit to be increased to whatever amount you need, for a set period of time - say 2-4pm on x day, to allow you to complete the transfer.

Another possibilty is the old 'telegraphic transfer' which is a direct bank to bank thing.
 
Banks don't normally accept personal cheques at settlement (I guess in case it bounces).

You can make arrangements for your solicitor to pay the settlement funds out of his/her Trust Account on settlement day. However, they'd want to see the funds from you cleared first (obviously).

You could also contact you bank and arrange for the $20K limit to be increased to whatever amount you need, for a set period of time - say 2-4pm on x day, to allow you to complete the transfer.

Another possibilty is the old 'telegraphic transfer' which is a direct bank to bank thing.

fair enough, I dont have a cheque book anyway

ubank/ings etc. dont do limit increases, that I confirmed a few years ago, and also have maximum $20k transfers to accounts, and hence why im in this dilemma

would transfering $20k per day be acceptable to the vendor as a whole or is that considered a serious breach?
 
fair enough, I dont have a cheque book anyway

ubank/ings etc. dont do limit increases, that I confirmed a few years ago, and also have maximum $20k transfers to accounts, and hence why im in this dilemma

would transfering $20k per day be acceptable to the vendor as a whole or is that considered a serious breach?

If I was the vendor I would have no problem with receiving $20k a day - as long as the final payment was paid before settlement! Obviously wouldn't be in your best interests.

Don't you have another regular bank account you can transfer the money into and then get a bank cheque?

Regards,

Jason
 
If I was the vendor I would have no problem with receiving $20k a day - as long as the final payment was paid before settlement! Obviously wouldn't be in your best interests.

Don't you have another regular bank account you can transfer the money into and then get a bank cheque?

Regards,

Jason

I understand but all the paperwork for the conveyancing hasnt been finished,

and yes, I guess I could do that but just needed to check if the time frame will suffice
 
most on line banks will allow larger transfers to the linked account. call their help desk. it usually involves a bit more messing around. from memory last time i did it (citi) they faxed me a form which i filled in and faxed back. they then called to confirm the transfer was legit. be persistent - they don't like giving you your own money back!
 
Can somebody answer me a few questions,

i have settlement occuring on the Friday 20th Jan 2012, no other non standard diddly finance clauses

I will be paying for this property with no loan (long story)

naturally, most of my banks have a daily transfer limit of $20k, with funds spread across a few accounts

Im trying to work out the best way to pay,

If I were to pay by cheque, is it ok to give them a cheque on the 20th even though they won't have funds on this day? or can I even post the cheque on the 20th?

or can I start doing a bank transfer of $20k per day until payment is complete FROM the completion date (20th)?

I can't start transferring it today I guess because paperwork is still happening, and there is also interest acrruing on the funds?

or is there a more simple, cost effective way of doing this?

at present, its probably too hard/not time possible to have all teh funds in one account that ISNT a high savings account such as ING, Ubank, bankwest etc. etc
thanks everyone!

Head down to the local branch and request the whole of the funds in cash. Handcuff yourself to the briefcase Hollywood style and turn up to settlement in full tux and sunnies! Then do the classic click and show the funds to the vendor, with the whole 'silent nod' thing, uncuff.............then whip out the Smith and Wesson and blow them all away......

pinkboy.....oops - got carried away:D
 
What has your lawyer said? You would be crazy to be handing over money before settlement. Please tell me you are using a lawyer because imagine if you handed over the funds at settlment only to find you don't have title or there is some sort of defect that means you cannot register the transfer. There are also many recent cases of fraud where false documents are used with people selling other people's properties without their knowledge - these are usually unencumbered though.
 
Perhaps you could transfer the money to your lawyers trust account each day, as long as all the funds were there in time, they may be able to draw a cheque for settlement from there.

If that is not possible go to a bank/credit union/building society that has online banking, open an account from which you can withdraw cheques at a branch, transfer your funds online everyday until sufficient funds to settle (be sure to get it all there in time to clear).

The day before settlement draw cheques as required and hand them over for settlement
 
hey aaron

normally, I would , however, ubank/ings and other high interest account banks, dont have branches, well as far as Im aware

As Arron mentioned od it via a bank cheque- nice, safe and clean.

ING even though they are online banks- can and do issues cheuqe in the post- just give them a call and order it via their customer service team in advance.


OR transfer to lawyers trust account and get them to draw the cheque- they will charge you a small fee...but it's worth it.

Regards
Michael
 
As Arron mentioned od it via a bank cheque- nice, safe and clean.

ING even though they are online banks- can and do issues cheuqe in the post- just give them a call and order it via their customer service team in advance.


OR transfer to lawyers trust account and get them to draw the cheque- they will charge you a small fee...but it's worth it.

Regards
Michael
This... ^^^^

Definitely the most sensible.
 
Was wondering if you could help a newbie out,

so I've recently settled on a property

I received a one line email from the conveyancer saying "settlement completed"

am I supposed to receive a title, certificate, document, reciept or anything that indicates that something has taken place????

also, got talking with a friend, he says that since I didnt get a loan for the IP, my paperwork is completely different

Ta everyone
 
Was wondering if you could help a newbie out,

so I've recently settled on a property

I received a one line email from the conveyancer saying "settlement completed"

am I supposed to receive a title, certificate, document, reciept or anything that indicates that something has taken place????

also, got talking with a friend, he says that since I didnt get a loan for the IP, my paperwork is completely different

Ta everyone

Bank would normally keep the certificate of title - if none then the conveyancer should have it. You would probably be getting a invoice in the mail outlining costs and disbursements too.
 
As long as the banks hold a mortgage over your property, the certificate of title will be held in the bank's vault for safe keeping.

Although these days the land titles office has everything in an electronic database so there's no real 'title deed' - as it is just a printout from the titles office. It is kept in the bank's vault for historical reasons.
 
As long as the banks hold a mortgage over your property, the certificate of title will be held in the bank's vault for safe keeping.

Although these days the land titles office has everything in an electronic database so there's no real 'title deed' - as it is just a printout from the titles office. It is kept in the bank's vault for historical reasons.

I've been to a few settlements and the ones I have seen are the old style certificates. I am not sure what they are doing, maybe they are slowly being replaced. I did receive an old copy of the deeds for one of my properties once - it was like a historical document!

And, the conveyancer would receive the title deed usually. The bank actually hands it over at settlement - and this is usually given to the incoming lender, but if none then the conveyancer would keep it and then seek instructions from the client.
 
I think in Victoria they are planning to roll out full electronic conveyancing in the next few years which will definitely make those old titles obsolete. Although as we know with the Victorian government it'll probably cost $4bn and take 10 years to implement :)
 
FYI you can check online ( pay a small fee of $15)- go to the land and title office website of your state.

else you will start to get land tax bill ( INV) and council rate IN YOUR NAME...then you will know for sure you own the place :)

Not sure what your frd means by it's different for INV and PPOR....maybe he/she was talking about land tax???

Regards
Michael
 
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