Settlement of your lot is triggered by the stage being registered by the land titles office, at which point your conveyancer will be notified and you will have 10 days to settle. At settlement you or your lender will be required to pay for the land in full and it will then be transferred into your name.
Settlement is the date when the buyer:
- pays you the balance of the purchase price
- receives the property title and become the registered owner
- takes possession of the property, unless otherwise arranged.
This is an official process usually conducted between you and legal and financial representatives of the buyer. At settlement, all outgoings such as rates and other charges are adjusted between the seller and the buyer. Once your land is settled, it’s time to start building!
Choose a Conveyancer or Lawyer
When you engage with a conveyancer or lawyer to complete the settlement of your new block of land, the matter will get under way immediately.
The most common way in which real estate is purchased is by way of a Contract Note prepared by the vendor’s estate agent.
Once your conveyancer or lawyer has received your Purchase Form and a copy of the Contract Note, they will prepare a Transfer of Land and send it to you with a comprehensive letter about the conveyancing process.
If you are obtaining a home loan to finance your purchase, your lender will write to your conveyancer or lawyer who will require copies of the Contract and the Transfer of Land.
On settlement day, hand over the balance of the purchase funds will take place. If a lender is involved, your lender will take possession of all registrable documents, and will attend to the registration of the Transfer simultaneously with registration of the mortgage.