settlement? help >.<

[megumi]

Hey there,

I bought my first apartment off-the-plan few years ago, and now it is about to complete. However, I don't quite understand what exactly is the settlement process? (is it just transferring the remaining payment?)

What is the whole process from the pre-settlement inspection to moving in to the apartment? And when can we move in usually?

Also, what would be the difference of having a solicitor and doing all by myself? What does the solicitor actually do? I'm planning to just transfer the remaining payment directly to the agent, do I still need solicitor in this case?

*P.S- the agent says my settlement will take place at end of july, but Im currently overseas and would only be back on 1st august. Would that be a big problem for my settlement?

Many Thanks!!

 

[alexlee]

This is happening next month, you don't know what the settlement processes even involves, and you're going to be out of the country, and you want to do it yourself? How, exactly?

 

[The Y-man]

Megumi,

A solicitor will be able to advise you of various steps that need to be followed to complete the transactions.

I think it is very important to get one in your case because:
1. first purchase
2. you are not here (there will be documents you need to sign etc)
3. to make adjustments to the settlement costs


I hope you have read all the conditions on the contract, as OTP ones can be quite complex.

The Y-man

 

[The Y-man]

...is it just transferring the remaining payment?...

No - the title needs to pass to you. Otherwise you will not own the property.

There are several forms that need to be filled, as well as searches that confirms what is being passed to you is for that property.

Are you getting a loan for this property or are you buying with your own money?

The Y-man

 

[Bigtone]

Hey there,

I bought my first apartment off-the-plan few years ago, and now it is about to complete. However, I don't quite understand what exactly is the settlement process? (is it just transferring the remaining payment?)

What is the whole process from the pre-settlement inspection to moving in to the apartment? And when can we move in usually?

Also, what would be the difference of having a solicitor and doing all by myself? What does the solicitor actually do? I'm planning to just transfer the remaining payment directly to the agent, do I still need solicitor in this case?

*P.S- the agent says my settlement will take place at end of july, but Im currently overseas and would only be back on 1st august. Would that be a big problem for my settlement?

Many Thanks!!

So you don't know what you are doing, you are not in the country and have no idea of the process, I say go for it, what could go wrong?

A particular saying has never been more apt " a man who is his own solicitor has a fool for his client"

 

[megumi]

Y-man, thanks a lot for your reply.

How much does the solicitor costs usually? Just emailed a solicitor that was recommended by the agent, do you think this should be fine? and i'm planning to just getting with own money

 

[deejay]

Y-man, thanks a lot for your reply.

How much does the solicitor costs usually? Just emailed a solicitor that was recommended by the agent, do you think this should be fine? and i'm planning to just getting with own money

I would use a different solicitor just to avoid any conflict of interest issues. For an OTP apartment I would use a full solicitor, not a conveyancer. It's not such a concern for a torrens title house, but for strata it's worth using someone who is up on strata case law and knows what might go wrong in a badly structured/run body corporate. You're committed, but at least you'll know what could go wrong before it happens.

 

[The Y-man]

Y-man, thanks a lot for your reply.

How much does the solicitor costs usually? Just emailed a solicitor that was recommended by the agent, do you think this should be fine? and i'm planning to just getting with own money

There are many thread here on Somersoft for solicitors in Melbourne.

Example:

http://www.somersoft.com/forums/showthread.php?t=51310

http://www.somersoft.com/forums/showthread.php?t=58984


Maybe $700~$1,000 dollars depending on complexity.

The Y-man

 

[jezza]

Megumi

Your had me on the floor laughing with your post. As much as we are in the new age and you probably thought you could IApp the settlement it is not that easy, get yourself a solicitor, and NO, not one recommended by the agent and not one recommended by the same people who built the off the plan apartment.

Have you bothered to think about a loan as I hope your bank thinks the valuation is what you paid for or that solicitor could come in handy.

In relation to how much, this is the old peice of string but somehere between $500 and $1000 sounds reasonable for the work there going to put in for it.

Might be wise to get that solicitor start working for there money and see if they can push settlement back to early Aug to fit in with your schedule

Jezza

 

[Ana]

Yes, definitely get a solicitor to handle it on your behalf. If you haven't found someone, I'm happy to recommend ours.

Also, here is some info re settlement date for you:
http://www.winningformulasforsucces...t_important_DATES_when_PURCHASING_a_Property/

Wishing you every success, Ana