Settlements explained

When you are a buying or selling a property, it is necessary for all paperwork to be completed and all promises fulfilled in the contract for the sale of a property.

With such a large sum of money at stake, you want to make sure that you have a professional who is looking after your transaction and ensuring everything is completed in a correct and timely manner.

LJ Hooker Settlements understands that for most people buying or selling property only happens very occasionally, so knowing what steps are required can be very confusing.

Our flowcharts show clearly each stage of the settlement process and help you gain a better understanding of what is happening during one of the most important transactions of your life.

Whilst we don’t expect you to become an expert on the process, (that’s our job), we do believe that knowledge is empowering and you will feel a whole lot more comfortable throughout your settlement.

What we do for you

  • Arrange for the title to be searched and further investigate any encumbrances such as restrictive covenants, easements, caveats etc, in order that they may be removed upon settlement or the new owner advised of their existence and how they affect the land.
  • Prepare all necessary documentation for you to sign, including a settlement statement that will either apportion current rates and taxes or include an amount to be held in trust pending receipt of the relevant accounts and attend to the stamping of the land transfer.
  • Liaise with your bank providing finance for your purchase or inform your bank of the sale of your home and request they prepare the discharge of mortgage for settlement.
  • Follow up on all special conditions relating to the offer and acceptance to ensure conditions are met and continually follow up all those involved in the settlement to avoid delays.
  • Arrange and attend settlement and exchanging documents and disbursing funds in accordance with your instructions and ensuring that the documents are registered with the Land Titles Office.
  • We advise your Real Estate Agent as soon as settlement has gone through in order that the keys may be handed over. We also keep you informed at all times of the progress of the settlement.

For further information on the settlement process, please download one of the following documents: