Within 30 to 90 days<\/strong> Finish.<\/p>\n\n\n\nhint<\/strong>: Confirm the closing date process with your lawyer or transfer specialist in advance to avoid any last-minute hassles.<\/p>\n\n\n\n
\n\n\n\n<\/span>2. Arrange final inspection before delivery<\/strong><\/span><\/h3>\n\n\n\nThe seller needs to ensure that the property is in the same condition it was when it was sold. Therefore, an inspection during settlement is very important.<\/p>\n\n\n\n
<\/span>Inspection Notes<\/strong><\/span><\/h4>\n\n\n\n\n- Check that the property is clean and free of excess trash.<\/li>\n\n\n\n
- Confirm that all items listed in the contract are present and in good condition.<\/li>\n<\/ul>\n\n\n\n
Legal provisions<\/strong>:<\/p>\n\n\n\n\n- Victoria<\/strong>: The buyer has the right to inspect the property at a reasonable time within one week before closing.<\/li>\n\n\n\n
- South Australia<\/strong>: The buyer has the right of inspection only if it is expressly provided for in the contract.<\/li>\n<\/ul>\n\n\n\n
hint<\/strong>: Contact the real estate agent in advance to arrange an inspection.<\/p>\n\n\n\n
\n\n\n\n<\/span>3. Arrange building and contents insurance<\/strong><\/span><\/h3>\n\n\n\nMost lenders will recommend that you take out insurance as soon as the seller signs the contract. This will:<\/p>\n\n\n\n
\n- Protecting the interests of lenders and you<\/strong>.<\/li>\n\n\n\n
- Avoid unexpected losses<\/strong>, such as fire or other risks.<\/li>\n<\/ul>\n\n\n\n
suggestion<\/strong>: Contact the insurance company as early as possible and choose a suitable insurance plan.<\/p>\n\n\n\n
\n\n\n\n<\/span>4. Verify property boundaries and measurements<\/strong><\/span><\/h3>\n\n\n\nYour solicitor or conveyancer will provide a property plan to confirm:<\/p>\n\n\n\n
\n- Whether the boundaries are consistent with the Certificate of Title.<\/li>\n\n\n\n
- If there is any discrepancy, please notify the professionals immediately.<\/li>\n<\/ul>\n\n\n\n
hint<\/strong>: Provide relevant documents quickly to avoid additional costs due to delays.<\/p>\n\n\n\n
\n\n\n\n<\/span>5. Confirm cost sharing<\/strong><\/span><\/h3>\n\n\n\nOn the closing date, the buyer's and seller's representatives will calculate their share of property-related expenses, including:<\/p>\n\n\n\n
\n- Local taxes and other fees<\/strong>\uff1aThe seller needs to pay until the delivery date, and the buyer needs to bear the responsibility from the day after the delivery date.<\/li>\n\n\n\n
- Adjustment Sheet<\/strong>(Settlement Adjustment Statement): sets out the contribution charges and stamp duty (land transfer tax) payable.<\/li>\n<\/ul>\n\n\n\n
<\/span>Stamp duty payment deadline<\/strong><\/span><\/h4>\n\n\n\n\n- Depending on the state or territory, usually after settlement 28 days to 3 months<\/strong> Pay.<\/li>\n\n\n\n
- Notice<\/strong>: If stamp duty is not paid, the ownership certificate of the house cannot be obtained.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n<\/span>6. Understand the closing process<\/strong><\/span><\/h3>\n\n\n\nYour lender and the conveyancer are responsible for the closing date, so you don't need to be there in person. Their responsibilities include:<\/p>\n\n\n\n
\n- lenders<\/strong>: Register for a home loan and pay the funds for the home purchase.<\/li>\n\n\n\n
- Transfer Specialist<\/strong>:\n