What will happen after the settlement

[alexz1011]

Hi all, a newbie question here. The property I am buying will settle on Wednesday, 2 August (it's tomorrow!).

I was just wondering what will happen after the settlement? Obviously, I will get access to all the keys to the property from the agent. And what's next other than having myself to prepare the connection to the water, electricity, gas, etc? I am talking about the legal side of things. What documents should I expect to receive from my solicitor/agent/anyone after the settlement? Anything else I should be particulary doing/waiting for? Or this is it?

Thanks guys!

 

[Pablo]

Hi,

Good work on your first purchase. There isn't much to it really (if everything goes through of course) I think Vic is the same as SA, you will get a phone call saying that settlement has occurred and then you should be able to pick up the keys, manuals and other info from the real estate agent.

If you haven't already done a pre settlement inspection try to get one done today before the settlement goes through to make sure the property is in the same state as when you signed the contracts.

Water should be put into your name at settlement by your solicitor.

 

[Kristine..]

Hi Alex

If you haven't already made arrangement for the electricity then there won't be any, maybe not for as long as four days!

Gas is not actually turned off, and neither is water, but no electricity means no cup of tea to celebrate with!

You can apply for connection online with any of these suppliers

Your Solicitor / Conveyancer will notify the Council and the Water supply company of the change of ownership.

Other than that, make sure that you are insured (if your lender didn't require this of you) and enjoy your new home!

Congratulations and may this be the first of many!!

Cheers
Kristine

 

[RumpledElf]

You get a frantic phone call 25 hours before your settlement time saying the bank doesn't want to settle on settlement day, then you get another phone call saying someone has screwed up with the funding and can we have your bank account number, then you get another dozen or so phone calls alternating good and bad news We already had the keys by this point so we were fielding most of those calls from the house.

We settled ours on the last Friday of the financial year last year. The bank decided on the Thursday it was Too Hard, we're doing it next week. My conveyancers, being the nice people that they are, managed to change the bank's mind. The 'funding screwup' was the mortgage broker miscalculating all the funds so we ended up with a mortgage about $1200 too big (she'd allowed for somewhat more than 1 day's worth of equalisation for rates, water etc) and $1200 cash back.

When you're done you get a letter from your legal people saying where all your money went. Same thing happens when you sell and you get a big fat deposit in your account for the change.

I've bought 4 times and sold twice. The last one has been the trickiest, it was my first lo-doc over the internet.

 

[gwk]

Hi Alex

If you haven't already made arrangement for the electricity then there won't be any, maybe not for as long as four days!

That's odd.. I've lived in many different properties over the last 10 years, in both VIC and QLD, and at all times the electricity has never been physically "disconnected". The call process is really to ensure your details are attached to the property, and anything is backdated from when the last owner "disconnected" their service.

 

[Pablo]

Thats what I thought to but when I moved recently the guy actually disconnected the wires, then when the tenants moved in the power wasn't reconnected until about 7:30pm. They hadn't finished moving in so they had to do it in the dark.

 

[The Y-man]

Definitely have had physical disconnections - needs a dude to come and reconnect, and they won't do it if there is any power running on the other side (i.e. you've left a switch on etc)

Cheers,

The Y-man