18 Feb 2019
What happens on Settlement Day?
An important milestone along the new home journey is the 'settlement' of your land. This is when you officially take legal possession of your block, it is titled in your name, and you have permission to start building. Just like other stages in the buying and building process, the more informed you are about the steps ahead, the better you can prepare and feel confident about your decisions.
How do I find out when settlement is?
Your contract of sale, from when you purchased the block, will have the details of your planned settlement date. The Moremac Kinbrook legal adviser will contact your nominated legal adviser (conveyancer or solicitor) when settlement is scheduled.
Who needs to attend settlement?
The settlement process is conducted between the two legal teams. Prior to settlement, these two teams will have communicated via the Property Exchange Australia website. Buyers are informed once all documentation has been processed and approved. You won't need to attend a physical appointment.
What do I need to prepare?
Most importantly, purchasers need to make sure they are ready to settle on their land, to avoid delays which can incur penalty interest. This means confirming finance has been formally arranged and submitted to your legal adviser a minimum of 10 days before the planned settlement date. It's also a good idea to conduct an inspection of your block from the street prior to settlement, to check that it has been cleared of any debris or rubbish.
What does my legal team co-ordinate?
Once your legal adviser has been informed of your settlement date, they will communicate to all involved parties, such as your bank or lending institution, and provide them with title information for the mortgage documentation. They will also prepare the land transfer information to submit to the Kinbrook legal team, and provide details on any additional fees such as stamp duty or transfer costs. Your legal representative will also request you to sign the State Revenue Office duties form and verify that stamp duties owing are accurate.
What funds are required at settlement?
If you are providing settlement funds, these are drawn from your legal representative's trust account along with any incoming mortgages and sent to the Reserve Bank of Australia to transfer to the property vendor. The process of settling and disbursing funds can take minutes or a few hours depending on the complexity of finance arrangement.
Do I need to arrange anything with my builder?
The Kinbrook team will be updating their builder network on a monthly basis to inform them of the upcoming settlement date, so that you can discuss locking in your site start and be on your way with your new home.
The new home journey can be exciting and daunting at the same time! Your Kinbrook sales team is always available to provide information and updates along the way. Whether it's news about your purchased block of land, or keeping you up-to-date with events and new amenity in your new community, the team is your go-to for all information.
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