What a feeling! But before anything else, there’s a process involved to ensure that everything is settled among all parties. This happens on property settlement day.

Here are five key things that you need to do on property settlement day:

  • Know the ins and outs of the settlement. The official process called property settlement is done among legal and financial representatives of both the buyer and the seller. This is where the seller passes the ownership on to the buyer. In turn, the buyer will pay the outstanding balance.

  • Double check the measurements. Make sure to check all the measurements and boundaries that correspond with the certificate of title. You can get the plan of the land from your property conveyancer or legal representative. Inform them if you see any discrepancies.

  • Set a date for the final inspection. As a buyer, you have the right to check the property at any time during the week before the property settlement day. Make sure to inspect all the items that are listed in the contract and that everything is in proper condition.

  • Prepare the home and contents insurance. In general, the lender will ask you to take out the building and contents insurance that takes effect on the date when the seller signs the contract. This is essential in protecting the interests of both parties in the property.

  • Know all rates and charges. On the property settlement day, ensure that necessary adjustments are made when it comes to rates and other charges. As a buyer, you need to handle the rates from the day after the settlement, as well as paying the land transfer duty on the sale. If you fail to pay the duty on the settlement day or three months after the settlement, you cannot receive the title of the property. On the other hand, the seller is responsible for the outgoings up to and including the settlement day.

This list is not comprehensive, and guidelines on the state or territory you’re in may affect what you need to do come settlement day. Once the settlement is finished, you can finally get the keys to your property.