Private House Sales and Settlement Date

Private real estate sale with no agent and no commission through Privatepoint the real estate by owner private real estate sale website.

There is often confusion amongst for sale by owner and property buyers about what is involved during the Settlement of the property. Settlement Date is the date at which the remaining Purchase Price of the property is paid to the property owner and the title deeds and ownership documents of the property are given to the purchaser.

For Settlement of real estate to occur a few critical things need to happen:

1. Property and Pest Inspections – Before settlement date the purchaser will have these inspections performed, the property needs to be satisfactory and meet the purchasers expectations.
2. Cheques Drawn Up – The purchaser needs to draw the settlement cheque up which is the Purchase Price less the deposit. As a seller it is best to request a Bank Cheque rather than a personal cheque as this way you know the cheque won’t bounce.
3. Transfer Papers – The seller needs to prepare the transfer of ownership papers before settlement which will be provided to the purchaser.
4. Final Inspection – The purchaser will perform a final inspection of the property in the days leading up to settlement making sure the property is as per the contract of sale.
5. Settlement – Bank cheque is provided to the sellers and the titles, ownership documents and keys are given to the purchaser.
6. Post Settlement – The purchaser needs to pay stamp duty and then transfer the Title Deeds into their name.

As you can see there are a few things involved in the settlement of a property. Although you can perform the majority of these tasks yourself we do recommend that you contract the services of a conveyancer or solicitor to perform these tasks for you. It won’t cost too much money and by doing this you know everything will be completed correctly meaning no legal loopholes should appear.