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Understanding the Property Settlement Process
Settlement Process for Buyers and Sellers
Buyers and sellers must study and understand the property settlement process thoroughly. There are separate steps for each party to follow.
The steps for buyers are the following:
- Orion Settlements receives the Offer and Acceptance Contract. The principal will review and evaluate this offer to find out if details are complete. Otherwise, you may be liable for additional Stamp Duties.
- It prepares the Appointment to Act along with initial letter and information pack. It also records important dates like subject sale and finance approval. Orion follows up on finance approval if necessary.
- It ensures all contract provisions are fulfilled. The contract may be performed unconditionally.
- For unconditional contracts, Orion sends a Settlement Pack which may include (but not limited to) the copy of title and Transfer of Land and Initial Settlement Statement. It also files Electronic Account inquiry to relevant rating authorities regarding change of ownership.
- Orion checks progress with the Bank and books the settlement appointment between the bank and seller’s agent. The property settlement agent attends the meeting on behalf of client. The Agency informs client and real estate agent once settlement is in effect.
- It adjusts rates and taxes to ensure sufficient funds for completing the purchase.
- Client claims ownership. Coordinate with the real estate agent regarding time and place for key collection. Orion sends final documentation to you.
- You will receive a Land gate search or Duplicate Certificate of Title from Orion four to five weeks after settlement. This confirms change in ownership and indicates that you are the property’s registered owner.
Steps for sellers are the following:
- Orion Settlements receives the Offer and Acceptance Contract from your real estate agent. The principal checks all details carefully so it is not unfavorable to the settlement and your interests.
- Orion opens the settlement file. It prepares initial documentation, appointment for agency to represent you and notes critical dates like finance approval.
- The Agency can follow up fiancé approval through the buyer’s real estate agent.
- Orion prepares the Settlement Pack if contract is unconditional. This includes initial settlement statement and disbursement of funds authority.
- It will inform your bank that the property has been sold with an unconditional contract so it can prepare the discharge.
- Orion will make sure that the discharging bank is prepared to settle and book settlement with the buyer’s agent.
- The bank gives advice about the loan payout amount. Orion adjusts rates and taxes and works out your balance. It attends the settlement on your behalf. It also notifies you and the real estate agent if the settlement is in effect.
- It prepares the final statement and documentation for you. Orion will also check the Certificate of Title to ensure the property is already in your name approximately five weeks after the settlement.
It is important to learn common tricks and traps in buying and selling property.
Some tips in buying property include:
- Make sure that your finance was pre-approved. This gives you an exact spending figure. Set a budget that will accommodate emergencies and fluctuating interest rates. Organize your finances before looking for properties. The lender provides pre-approval certificates. You can get useful suggestions from mortgage and finance brokers.
- Use a home open checklist to record details of all home visits. It is a previous tool that allows you to remember the property’s location.
- Check chattels like ovens, heaters and dishwashers carefully. See to it that these are working before you sign any agreement. Flush the toilet, turn on faucets and showers, and inspect water pressure. The agreement must include a list of all movable properties.
- Ask your agent the reason why the property is for sale. Find out if there are problems like leaks and faulty wiring. There may be something about the property that can affect your decision to buy.
- Visit the property several times on different days and times. Do this on a weekend to find out traffic conditions.
- Real estate agents will prepare the contract. There is a standard form. The agent must include all conditions in the contract. Wordings are important. Orion settlements agent can help you by reviewing and verifying these terminologies.
You should also be wary and avoid the following traps:
- Misunderstanding the type of property. Identify the category or this may affect your use and enjoyment of said property.
- Misunderstanding the agent’s role. The agent is trying to sell the property at the best possible price. Do not reveal all your cards to the agent.
- Do not sign a contract under pressure.
- Beware of insufficient conditions like finance clauses. All these are binding on buyers.
- Avoid consent conditions unless you inform the vendor.
Tips in selling property are the following:
- Look for trustworthy agents who can market your property according to your needs. Review the contract’s terms in detail. Negotiate the agent’s commission.
- Determine the value of your property.
- Keep your home tidy.
- Present your property properly.
- Choose carefully between multiple offers. The highest price may not always be the best one.
Avoid these traps.
- Signed agreements are legally binding so be 100 percent sure before signing anything.
- Tenants can pose a problem. Provide a legal notice to vacate the property in advance.
- Beware of buyers who attempt to cancel agreements or reduce the purchase price.
- Avoid signing backup agreements without getting legal advice.
- Do not enter into an agreement to buy property if you have not sold your own property unconditionally.
- Do not sell just to buy or risk of selling your property at a very low price.
Pricing is a crucial factor. Orion Settlements has updated and highly efficient systems. This enables the company to pass on its savings to clients. It guarantees fair quotes and outstanding service. The costs of Orion Settlements are discounted and depend on the transaction value.