Buying A House Part Six: Settlement Day

When you’re buying a house, Settlement Day is The Big Day!

All your hard work and preparation over the last few weeks (or months) has been leading up to this – moving in and taking possession of your very own home.


It goes without saying that the more organised you have been during the home buying process, the less stressful Settlement Day will be. So make sure all your paperwork has been signed and delivered. That all your financial obligations have been met in advance. And don’t forget to double-check that your loan payments and internet banking accounts have been set up correctly, ready for that first mortgage payment.


Settlement can take place any time between 9am and 4pm – so don’t order the moving truck too early! And do make sure you’ve picked up your new house keys from the vendor’s lawyer or your real estate agent first! Once that’s done, your lawyer will transfer ownership on the property title to you.


You don’t have to move in on the exact date. Especially if Settlement Day is during the week and you’d rather move on the weekend. It makes sense to plan your move in a way that suits you. Some people like to move their things in gradually over a few days, others prefer to do it in one hit. And of course, it will depend on your current residence too. You’ll need to be out well before the new owners or tenants come along. Whatever you feel comfortable with is the right thing to do.


Of course, unexpected circumstances may arise that can delay possession of the home.

If the vendor hasn’t vacated the property yet, you and your movers may find yourselves twiddling your thumbs in the driveway. Likewise if the vendor hasn’t completed their pre-purchase inspection requirements that you asked for. Perhaps they haven’t got around to moving that rubbish or haven’t made those last-minute repairs yet. Or maybe the holdup is on your side – perhaps the bank hasn’t released your funds for whatever reason.


If there are any holdups or problems on Settlement Day, your lawyer should be your first point of contact. And if you have any questions about any part of the settlement process, make sure you ask your mortgage adviser.


Once everything is sorted out, you have the keys and everything is signed off, the property is finally yours. It’s time for a well deserved celebration! Cheers!
If you’re looking for a new home, or wanting to refinance an existing mortgage, contact Rosie Glasgow Home Loans now.


Rosie Glasgow Home Loans are the mortgage advisers who can ease the stress of buying a new home. By helping you through every step of the process, and finding a mortgage deal that suits your budget and lifestyle. Contact us today.