SETTLEMENT DAY
BUYERS EDITION | AUCTION
Settlement day is the day you pay the balance of the purchase price and the property becomes yours.
A number of things need to happen in sequence on settlement day between your lawyer or conveyancer, the seller’s lawyer or conveyancers and your bank or lender.
We have outlined this to show you each important step towards Settlement Day.
IMPORTANT DETAILS:
PRE-SETTLEMENT:
INSPECTIONS:
MORTGAGE ADVISER:
SETTLEMENT DATE:
1
UNCONDITIONAL DATE
2
PRE-SETTLEMENT INSPECTION
• Congratulations you have now purchased unconditionally!
• The deposit is due now.
• Usually a day or two before settlement
• The purpose of the inspection is for the buyer to check the property, garden & appliances are in the same or better condition when they last visited.
• Any new damage will need to be fixed by the seller before the property can change hands.
3
THE DAY BEFORE SETTLEMENT
• Sign Residential Land Statement.*
• The total money needed to buy including any mortgage, deposit paid and your own money will be in lawyers trust account ready for settlement day.
4
CONFIRMATION TO SETTLEMENT
5
SETTLEMENT DAY!
CONGRATULATIONS ITS NOW TIME TO PICK UP THE KEYS TO YOUR NEW HOME!
• Organise your moving company and advise all companies of your new address. (Insurance, Bank, IRD, etc.)
• Remember to organise a time your lawyers to sign all the paperwork. Your lawyer will need loan finance agreement from your bank and proof of insurance.
• Settlement may not happen until close to 5pm, make sure you don't book movers too early.
• Your agent will usually arrange the keys, but they will not give the keys to you until the sellers lawyers give them permission to so.
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