With a secure deal in place; whereby both the seller and you agree on price and settlement terms, you’ve paid the deposit and there’s no additional conditions to waive— the house settling (closing) process begins. Congratulations as you are almost there!
You’ll need to be in regular contact with both your lawyer and lender, as both require a load of information and money from you.
You will be especially busy the days just prior to settlement as there’s a tonne of paperwork you’ll need to sign off on, pay the outstanding balance owing by a certified cheque (clear funds) and finally pick up your keys!
Settlement is that point of time when ownership and possession of the property transfer from the Seller to YOU. It’s exciting and can be stressful but since it occurs after the legal and financial obligations are met— it’s a TEAM effort between YOU, your lender and your lawyer so rest assured the process is typically straightforward with little, if any complications.
COSTS OF PURCHASING A HOME
It’s a good idea to understand the various expenses associated with purchasing a home and your accountant, lawyer and real estate agent can assist with estimating approximately how much it will cost you. Some costs typically incurred are:
- Deposit Payment— (minus any amount initially paid as deposit)
- Land Transfer Taxes*
- Lender Fees— if applicable (including application costs, appraisal fees, , etc.)
- Adjustments— may include pre-paid taxes, rates, utilities, other expenses the seller paid for past the settlement date requiring reimbursement during the house settling / closing process.
- Legal Fees— and any applicable taxes, etc.
Read our informative blog posts on Settlement Costs outlining all the closing outgoings associated with buying property in Hervey Bay and your Real Estate Lawyer Role.
You will need to pay the outstanding balance owed on your new home to your lawyer with a certified cheque before settlement (when you take possession of your new home)— the final amount will have been calculated by your lawyer.
And if you are a first-home buyer; there are some excellent government programs which will save you thousands of $ in house settling costs. *Check out our first-home buyer programs report
WANT TO KNOW MORE ABOUT HOUSE SETTLING?
Informative blog posts on house settling coming soon