Contracts usually provide for an agreed settlement date which is often six weeks from the sale date. Sometimes settlement can be an agreed date that allows time for financial arrangements, inspections, searches and surveys etc to be completed.
Failure of either party to settle on the stipulated date or within a stipulated time can lead to a claim for damages for the loss suffered by the non-defaulting party.
When a date for settlement is known, the balance payable by the buyer on settlement should be calculated. The usual practice is to make the calculations and submit them to the seller’s solicitor for approval. Settlement normally takes place where the seller’s title deeds are located.
On settlement the balance of the purchase money (plus or minus adjustments for rates etc) is paid in exchange for the Title Deeds and transfer documents. The money is paid in such a way as to enable the seller’s mortgage debts to be repaid on settlement so that mortgage discharges can be handed over.
Usually the money is paid by bank cheque – that is, a cheque drawn on the bank’s own funds, as distinct from a private account. We can attend to settlement on both buyers and sellers behalf – you do not need to be there.
We will contact you to advise settlement has taken place.
If not already provided to you, we will write to you setting out full details of the money paid over on settlement, and how it was calculated,
We also prepare a Notice of Sale that is lodged to enable the Transfer to be registered.
The Office of Land and Property Information uses that form to notify the Local Council, the Water Authority, the Valuer General and Rural Lands Protection Boards of the fact of the transfer and details of your address for service of notices.
We also attend to registration of the transfer of title and any other relevant documents.