Home Loans

7 Settlement

The date of settlement is the date you take legal ownership of the property. The balance of the purchase prices must be paid this day. Settlement is usually 6 weeks (30 days in QLD) and can be negotiated as part of the contract of sale documentation.

What happens during settlement?

• Your solicitor / conveyancer will prepare and arrange for you to sign a Transfer of Land document. This should be done at least two weeks prior to the settlement date. This document will be handed over at settlement to HSBC – we will register it at the State/Territory Title’s Office on your behalf. Upon registration the property will be changed over to your name.
• Your solicitor / conveyancer will contact HSBC, the seller’s solicitor/ conveyancer, and other interest parties to arrange the date, place and time of settlement.
• Your solicitor / conveyancer should advise you one week prior to the settlement, of the exact date, time of settlement and the amount of funds that you are required to provide prior to settlement (if applicable). This amount is usually required to be paid by bank cheque one day before settlement.
• After settlement has taken place the seller’s solicitors will contact the real estate agent that sold you the property and advise them to hand over the keys to the property to you.
• Your solicitor should contact you and confirm settlement has taken place. They will also send you a Statement of Adjustment to show you how the funds have been disbursed to the parties involved.

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