If you have just bought a house or unit, your conveyancer or solicitor has probably congratulated you and told you that you’ve “settled.” However, not everyone knows what happens immediately after the “settlement.” The following is usually what occurs, largely, without you needing to be troubled by it (except for some things, as noted below).
Registration of Transfer and Mortgage
The Certificate of Title for the property (or the “Deeds”) and the Discharge of Mortgage (if the person from whom you bought the place had a home loan) and the Transfer(the document required to change the ownership) are received by your solicitor or conveyancer, and taken to the Land and Property Information Office (“Department of Lands”), to register them against the property. If you had taken out a loan to buy the property, your bank or lender will also seek to register their Mortgage to secure your loan. Registration usually takes about a week and the Certificate of Title will be returned to you, or to your bank or lender following registration.
The Land and Property Information office will notify your Local Council and Valuer General of the sale upon lodgement of the Transfer for registration and in future, rate assessments and notice of valuation should be sent directly to you or to an address nominated by you.
The purchase price, water rates, council rates, strata levies (if an apartment) are all adjusted so that the seller pays for those charges up to an including the date of settlement, and you pay from the day following settlement till the end of the rating period .
Details of the various rate adjustments are shown on a “settlement adjustment sheet.” Feel free to ask your conveyancer or solicitor for a copy.
You should ensure that you have insured your property from the date of settlement. You may also want to consider a suitable contents policy as part of the insurance.
If you are required any information in relation the above, please give Nas Hanafi of Lion Legal a call on (02) 9251 2722.