Today I’m going to share with you what’s involved on Settlement Day. Before I do though, the most common questions my clients ask me about Settlement Day are…
The answer to both these questions is no. You’ve chosen a quality Conveyancer to manage this for you, and this is where I bring everything together for finalisation. I take care of the lot. All you need do is await the phone call from me (usually between Noon and 1pm) to let you know you can now pick up the keys.
In South Australia, paper settlements are always booked for 11:30am. They occur at the Lands Titles Office (LTO) and the amount of time required can vary depending on the lender and the day. Normally they take about fifteen minutes to an hour to process, with Friday always being the busiest day of the week. The last Friday of each month is usually quite intense, as are the weeks before Christmas and June 30th.
On the day, I prepare your file by drawing any cheques that are required from the Trust Account, stamping the Transfer, and collecting bank cheques from my bank. Before that, however, I run one final search on the title to ensure there hasn’t been any unexpected activity such as a caveat being lodged on the property.
Then it’s off to the LTO to meet with the other Conveyancer and the bank/s, where we all hand over the relevant paperwork and monies. Once that’s done, all the documentation is lodged with the LTO for registration, which usually takes about two weeks.
These days, settlements can be much easier for everyone involved through the use of the electronic lodgement system. These settlements usually only take about fifteen minutes to settle. There’s then another fifteen minutes for the funds to be disbursed to the relevant parties. So as a Vendor, you could see the funds cleared in your account half an hour after the settlement time.
Electronic settlements though can be booked anytime from 9.30am through to 4.30pm. However, most lenders don’t like to settle until after 10.30am. That’s just so they can have their final figures and funds ready.