Tips for a Smoother Settlement

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Tips for a Smoother Settlement

Now that your offer has been accepted, it’s time to organise the settlement. This is the stage when the ownership of the property legally passes from the seller to the buyer. The process can be grueling, especially when complications and setbacks arise – even when you pay in cash. Yes, you heard that right. Unresolved disputes from the past can readily show up and may delay you from formally closing the deal. We’re talking about structural problems or incomplete documents. This is why it’s crucial to plan things carefully. Below we outline some helpful tips that you can apply so you can have a smoother and quicker settlement.

Tips for a Smoother Settlement | A9 Property | Brisbane Real Estate

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Conduct a final inspection

It is imperative to take a last look of the property in the settlement process. The house should be exactly as described in the contract in the agreed upon state of repair. This is important because any potential problems that may be revealed during the inspection may be attended to immediately. Final checks should take place close to the settlement day as possible, during the day, and together with the seller’s agent.

Review the title

Your respective lawyers generally review the title search after the offer was made. However, you need to double check to ensure no new ownership interests have been created and ensure caveats on the property have been lifted.

Tips for a Smoother Settlement | A9 Property | Brisbane Real Estate

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Prepare payment of taxes and fees

Don’t get ambushed by stamp duty and GST. These should all be taken into account when doing your final calculations. Stamp duty is imposed on some transfers of land. GST applies to real property subject to some exemptions such as:

  • Exemptions for sales of going concerns and some farmland
  • A margin scheme concession
  • Second-hand dwelling

Collect key and security codes

The last but certainly not the least is to organise who will deliver the keys and to whom. (Keys can be collected by either your agent or attorney) When collecting your keys, it’s best to request a full set so that you don’t have to pay additional locksmiths fees to update lock without keys. Make sure to have the codes for any security devices as well!

Tips for a Smoother Settlement | A9 Property | Brisbane Real Estate

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Work with a trusted team

The settlement process is a joint effort by you and your investment support team. This includes your accountant, your broker, and solicitor. To ensure that the process of settlement is smooth and successful, you have to choose trusted and responsible individuals who can work with you and guide you throughout the property transaction and help you secure your property.

As property investors and property managers, we want to help you get the most out of your investments. A9 Property provides first-time homebuyers and property investors knowledge on the world of real estate. Our weekly real estate blog discusses a variety of property-related topics, including property investment strategies, real estate industry trends, and current property market shifts to give you valuable insights and help you make informed decisions. We specialise in off the plan properties – a popular investment strategy in Brisbane and Australia. If you're looking to invest, Check out our carefully selected portfolio of off-market properties for sale or contact us for an obligation-free chat to discuss how you can succeed in the business and make the right property investments.

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