There are a few stages to the process of purchasing or selling a property. Settlement is one of the stages and is usually the last stage in the process but there are still a few minor details that need to be attended to after settlement. So, what happens after settlement?
If you are purchasing a property, once your Solicitor has got in contact with you to tell you the good news that settlement has taken place and that you are the new owner of a property it is then that you may attend the real estate selling the property and collect the keys from the agent.
The Solicitor will have also notified the agent that settlement has taken place and that you are the new owner. Often settlement takes place in the afternoon so it may be wise to delay your removalists until the day after settlement.
In the event that there is a tenant in the property who will be staying, all rent will be paid to you or your managing agent from the date of settlement.
The local Council and water authorities are automatically advised of the transfer of the property following settlement. You are responsible for advising your insurance company, gas, phone and electricity companies as well as the electoral commission.
Please note the answers provided are for your general information only and we ask that you call our office on 02 6331 2911 to obtain detailed legal advice for your individual situation.