Settlement questions

Hey everyone!

I've come to the final stages of my first property purchase and I just have a few questions I'd like to ask and hope some of you kind people can answer them for me. They're not too hard, I promise!

Am I correct in saying that my solicitor should be preparing all settlement cheques and arranging the whole settlement process?

How do I go about paying off the remainder of my deposit (10%)? Do I have to transfer it to the same account where my mortgage funds go to (I'm assuming the mortgage funds go to my bank account??) or can I just draw up a personal cheque or do a direct deposit?

I've received approval of my FHOG but not of my 'First Home Plus' stamp duty exemption - is this supposed to be coming or is the FHOG approval all I will receive? My settlement is next week so I don't want to suddenly have to fork out $10k because I'm not approved for whatever reason.

So I plan on living in the place for a continuous 6 months from settlement date whilst doing renovations. I will then rent it out afterwards. Are there any drawbacks I'm missing (tax or otherwise) in doing it this way?

Should I set up electricity before I move in or will it stay on for a short amount of time after settlement?

Sorry for all of these dumb questions! Thanks for any help you can give me :)
 
Hi and welcome :)

Yes your solicitor should be organising these things, and contacting you with any questions. I have in the past contacted the bank also to ensure they are all ready, they have the accounts setup correctly, and have funds released to cover all costs (inc. stamp duty etc etc).

Was deposit paid via deposit bond i am assuming? You will need to make funds available to Solicitor for them to draw cheque at settlement.

Not sure on the FHOG one, but it would seem a bit weird that settlement would fall down because of the government paper pushers...I would think the bank may make good on a gaurantee on the amount and forward it regardless. Need to check this!

Contact power company, and ask the to take a meter reading the day of settlement (they are pretty flexible i would imagine to do this) - and then the power could be just transferred over to your account.

cheers, Jacob
 
Top