residential settlements

In general terms, residential settlement is the legal process of buying or selling a property. This stage occurs once the conveyancers from both parties are satisfied with all cheques and documents – and then, the property is officially settled.

The tasks associated with the process of residential settlement can be complex. There is definitely a stage when a buyer or seller should approach a solicitor or real estate conveyancer for professional advice – but until this stage, it is important to be informed of the facets within this settlement process. Read on for more information about residential settlements and exactly what they entail.

Choosing A Settlement Agent

Choosing the correct settlement agent for your needs is paramount within the settlement process, as they will be trusted to protect your interests against those of your partnering buyer or seller. You will be required to nominate your settlement agent on the Offer & Acceptance document, which will be provided by your real estate agent in the early stages of the settlement process.

Prepare Your Settlement Statement

Closer to your settlement date, an initial settlement statement will detail how funds will be distributed throughout the property settlement process – for either buyer or seller.

For the buyer, your settlement statement will include the property’s purchase price, the deposit amount, an estimate of rates, stamp duty, conveyancing fees and government fees or taxes.

For the seller, your settlement statement will include the property’s sale price, agent commission, an estimate of rates and conveyancing fees.

Contact us today

to find out how we can help you.

We want to make sure you feel comfortable and understand the process

Quote For BuyersQuote For Sellers