Post-Exchange Processing for Residential Clients (Owner Occupiers)
What to expect following the exchange of your property…
So you are just about to settle – what else do I need to do? We have provided some information to assist you with relevant matters pertaining to settlement, in order for the settlement process to be smooth, check off the following:
1. Tax File Number
Banking legislation requires that unless a tax file number is provided for all monies invested, the interest accrued will automatically be taxed at 48.25%.
Accordingly, would you please contact our office on 02 9327 6944, or email byron@rose.com.au and advise of your tax file number.
2. Deposit
If your deposit is held by the Selling Agent, it will be placed in an Interest-Bearing Account and will not be released to the vendor until your solicitor has authorised the Selling Agent to do so or unless your contract stipulates otherwise. Any interest made in this account is halved between you and the vendor.
3. Preparation
Start getting rid of those things that you do not want to take with you, or which will not fit into your new home. The less you have to move, the less your removal bill will be.
4. Final Inspection
Prior to settlement, it is important that you make a final inspection of the property to make sure that nothing has been changed or damaged since the exchange of contracts. We recommend doing a final inspection a few days before settlement.
5. Council & Water Rates
Your solicitor will adjust the Council and Water rates (and levies if an apartment) between you and the vendor according to the settlement date.
6. Insurance
Arrange for your contents insurance policy to continue to cover you in your new property. You should make sure that if you are buying a house, as opposed to an apartment, your household insurance policy is already in place by the time of settlement, and that it covers you for the full replacement value of the improvement erected on the land. This covers such things as the house, garage, carport, fences sheds and landscaping improvements.
Most insurance companies suggest insuring your new property immediately after exchange of contracts.
7. The Day Before Settlement
Make sure you ring your solicitor and confirm your settlement time for the following day.
Good luck with your upcoming move and if you need any further assistance, please do not hesitate to call on us.
Day of Exchange or The Following Day
- Contact your financial institution (if subject to finance) and provide a copy of the frontpage of the executed contract
- Confirm the sale of the property with your appointed solicitor/conveyancer
- If agent is holding the deposit for the sale, you are required to provide your tax file numbers and bank account details so that the monies can be disbursed upon settlement
Approximately 21 Days from Settlement
- Contact your financial institution and solicitor/conveyancer to see how the settlement process is progressing
- If selling an investment property, contact your Property Manager if managed by a third party.
- If moving into the new property, book removalists or a hire truck. Remember to discuss: costs including vehicle, travel time, fuel, labour, packing materials; whether you will be packing or you require their services to pack
- Easy or difficult access at both the property you are vacating and the property you are moving into
- Wet weather contingency plan
- Consider booking children and/or pets into a care facility for moving day/s
- Book professional cleaners to do a ‘move clean’ of your current residence. Depending on the property type, size, condition and extent of cleaning services required (e.g. bathrooms & kitchens, inside cupboards, ceiling fans, oven/stove, windows, high pressure cleaning, washing inside/outside walls, etc.), you can expect to pay anywhere from $500 – $2,000. We recommend obtaining quotes and having the contractors inspect the property prior to confirming a booking
- Book other maintenance contractors such as carpet cleaners, window cleaners, landscapers, chimney sweepers, pool inspectors, etc. (if applicable)
Approximately 10 Days from Settlement
- Contact your financial institution and solicitor/conveyancer to see how the settlement process is progressing. Confirm the anticipated settlement date and who will be attending
- Book a council pick-up for any remaining unwanted items
- Cancel, transfer or install utilities and services.
- Arrange mail redirection with Australia Post
- Leave your NBN box at your current premises and check at the pre settlement inspection that there is an NBN box there. Link here to NBN moving process.
- Commence packing
- Book the pre settlement inspection with the selling agent 1-2 days prior to settlement.
Approximately 1-3 Days from Settlement
- Conduct the pre- settlement inspection. We can do this on your behalf or with you. Ensure lights, appliances, plumbing and any other remaining fixtures/fittings/ inclusions are as agreed and that everything has been removed from the property, including any rubbish.
- Make arrangements to collect the keys post settlement. We can collect the keys on your behalf and meet you at the property at an agreed time.
- 24 hours prior to moving, turn off and drain fridges, freezers and washing machines in preparation for travel to your new home
- Change your address:
- Driver’s License
- Financial institutions
- Medicare
- Private health fund
- Superannuation fund
Settlement Day
- Await confirmation of settlement and collect keys! (Or we will collect keys) Settlement is usually on PEXA which is electronic. Confirmation is usually within 15 minutes to 1.5 hours depending on settlement process.
