Today, we’re going to delve into what’s involved on Settlement Day. Before we do, let’s address the most common questions clients ask us about the day.
- Do I need to be there?
- Do I need to sign anything?
The answer to both questions, is no. You have chosen a Conveyancer to manage this for you, and this is where we bring everything together. We take care of the lot. All you need to do is await the call from us to let you know you can get the keys.
Settlement day for paper settlements
In South Australia, parties typically schedule paper settlements for 11:30 am. They occur at the Lands Titles Office (LTO) and the timeframe can vary depending on the lender and the day. Normally they take about fifteen minutes to an hour to process.
On the day, we draw any required cheques from the Trust Account and stamp and sign the Transfer. We also perform one final search to ensure there hasn’t been any unexpected activity on the Title, such as a Caveat being lodged.
Then it’s off to the LTO with the other Conveyancer and bank/s, where we hand over the paperwork and monies. Once completed, we lodge all documentation with the LTO for registration, a process that typically takes one to two weeks.
And for electronic settlements ..
Settlements are much smoother for everyone with the electronic lodgement system. These settlements typically only take about fifteen minutes to settle, with another fifteen minutes allocated for disbursing funds to relevant parties. Therefore, as a Vendor, you could potentially see the funds cleared in your account half an hour after the settlement time.
Electronic settlements take place anytime from 9:30 am to 4:30 pm. However, most lenders don’t like to settle until after 10.30 am. That’s just so they can have their final figures and funds ready.
So that’s the basics of what happens on settlement day. We have also shared previously information on what can go wrong on settlement day and how having the right Conveyancer can minimise any pain or regret. Check it out here! This article also has some great information on all aspects that we would highly recommend checking out.
In the meantime, feel free to touch base with our office here, to discuss any settlement related queries you may have, or anything else related to property transactions.