 | Who attends the exchange of contracts? |
| | The solicitor or the agent does, depending on whether contracts are being exchanged with or without a cooling off period. |
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| | What happens after exchange of contracts and prior to settlement? |
| | There are a number of administrative matters which the solicitor attends to after exchange and prior to settlement. These include:-
Lodgement of your application for First Home Grant Scheme (if applicable)
Requests for requisitions on title from the vendor
Attend to stamping of Contract and Transfer
The mortgagee (Bank) will require its mortgage documentation signed by you and advise us of its list of requirements
Comply with the mortgagee’s list of requirements
Arrange a date, time and place for settlement;
Calculate settlement figures
Liase with mortgagee (Bank) and vendor’s solicitors as to settlement and monies payable to complete the purchase
Prepare for attending on settlement and make sure all documentation and funds required to complete the purchase are in order and other ancillary matters not listed above. |
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| | Who attends settlement? |
| | Your solicitor does on your behalf. Once settlement is completed, the solicitor or us immediately telephone you with the outcome.
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| | What happens after settlement? |
| | The solicitor reports to you in full as to the outcome and figures and account to you for their services. |
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| | After settlement, have you notified everyone of your change of address? |
| | Use this check list:-
Banks, credit union or other credit providers
Employer
Superannuation fund
Insurer
Roads and Traffic Authority
Integral
Telstra
AGL
Foxtel
Australian Electoral Commission
Medicare and health fund
Club or sporting body
Family and friends
NB: At the time of completion of the purchase, a notice is to be recorded at the Land Titles Office, Sydney advising the Council, Sydney Water and Valuer General of your new address.
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| | After settlement, has the property title been recorded in your name/s yet? |
| | At the time of settlement, the mortgagee (Bank) receives the title documents to your property. It will proceed to register the property into your name/s and will retain the title deed as part of its overall security for the mortgage. Once the mortgage is repaid and/or discharged the mortgagee will make the title deed available to you.
It is always best to check with your mortgagee in about one month’s time to make sure the title has been recorded into your name/s and that the title deed is being held by the mortgagee in safe custody.
If you are unable to get an answer from your mortgagee, please do not hesitate to contact JEM Loan Services on 1300 JEMLOANS who will follow it up for you. |
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