Loading
 

Are you a buyer, seller or an agent?

BuyerSeller Agent

News Hub

5 Tips For Smooth Sailing to Settlement Day

5 Tips For Smooth Sailing to Settlement Day

Posted 22 July 2019

The following tips will help keep you focused, so you sail through to settlement day

The owners have accepted the price you offered for the home of your dreams, wonderful! Now all you have to do is pay the deposit, sign the contract, get a loan, wait for settlement day and move out of the old and into your new home, right? Sounds simple if you say it quickly, but that's not the best way to handle a home purchase. Also, unfortunately, there's quite a bit to know and do to make the next four to six weeks (or whatever period you have agreed upon to settle) run smoothly. You will be busy, so you will need a plan. There's the furniture removalist to organise, and the kids might need to go to a new school. Don't panic. The following tips will help keep you focused, so you sail through to settlement day:

1. Arrange Pre-approval of Your Home Loan

Nothing could be quite as scary as buying a home without an approved loan. What would you do if your lender refused your application? You'd lose your deposit for a start, and you would have to find a lender somehow before settlement, so the wise home buyer has their loan pre-approved before they sign the contract and hand over the deposit. Pre-approval will also give you peace of mind so you can get on with the other aspects of relocating. Saving up for a home loan doesn't have to take as long as you may think. Opening a high interest online savings account can help you reach your financial goals faster. For home loans, you can check out Next Address for mortgage brokers and lenders, but there's even more to do before you sign up and pay the deposit, so read on.

2. Make Sure Your Loan Offer is Correct

When your home loan application is accepted, you will receive an official letter from the lender. Don't just scan it and forget it. Read it over very carefully, then reread it twice, at least. Unless you do this and correct any mistakes, it could mean you won't be able to settle on the decided date, and penalties might apply, depending on your contract. The documents you receive will outline precisely what the offer contains, and be aware that it takes time to rectify errors. Make sure you check the interest rate, the amount of the loan, any extra fees, and that your details and the property address are all correct. 


3. Arrange a Pest Inspection 

It's crucial that you know whether or not the home you want to buy is structurally sound and not infested with termites or borers, mould or dry rot, rodents, for instance. So, before you commit, arrange a pest and building inspection, otherwise, as the old saying goes, buyer beware. This adage operates in most sales experiences, but especially in the real estate industry. In many instances, the owner might not be aware of any problems, so the onus is always on the buyer to check. It's the same when buying a car; you have to have it checked by a mechanic. Next Address has plenty of professionals who can help you with all inspections. 

4. Don't Make Any Significant Life Changes

When your lender approves your loan, it is done based on the circumstances you provided when you applied. Be aware that if you change your job or income, or make any other major changes, your lender can refuse the loan. So stay put until after settlement before you accept a new job even if the pay is higher than you now receive, just so you don't frighten the horses.


5. Be Fully Aware of What is Included in the Sale

Family and friends will be able to tell you stories about settlement day bloopers, woes and even disasters, so be sure about what you are buying. Go over your contract with a fine-tooth comb to avoid any misunderstandings. Remember, you might assume the expensive dishwasher comes with the sale, but always ask the agent to be sure. You could negotiate to have it included in the sale, but ensure it's added to the contract. Before you sign the contract, ask your conveyancer or lawyer to review it for you. You can find the best solicitors and conveyancers on Next Address. 


Following the advice above can ensure that your settlement day is one to celebrate! Once you're sure the paperwork is perfect, your loan is in place, and all your finances are in order - and you're all packed and ready to move out - you should sail through the day with ease. Don't forget the bubbly!


At Next Address, we've got a troop of professionals such as pest and building inspectors, painters and handypersons, mortgage brokers and lenders, cleaners and tradies all ready to help you with buying and selling. Click through to any of the services on our website, leave your details and have a professional get back to you. Moreover, our 'Smart Match' Marketplace and Service Team are all you'll need to buy or sell any property privately. Call us on 1800 316611 today!





Author's Bio 


Alex Morrison has worked with a range of businesses giving him an in-depth understanding of many different industries including home improvement, financial support and health care. As the owner of Integral Media, he is now utilising his knowledge and experience with his rapidly increasing client portfolio to help them achieve their business goals.



General | Buying Tips
Is the housing market finally about to reach rock bottom

Is the housing market finally about to reach rock bottom?

Posted 16 June 2019
'Are we there yet?'  Is this the million dollar question on everyone's lips. Today we'll take a look at whether or not the propert...
General | Buying Tips | Selling Tips
Are there ethical real estate alternatives

Are there ethical real estate alternatives?

Posted 09 May 2019
Winter still coming for real estate agents despite Purplebricks departure GUEST OBSERVATION Evan Thornley EVAN THORNLEY is the co-founder, investor and executive chair of new style ...
General | Selling Tips | FAQ's, Links and Resources
7 simple ways to protect your home these Easter holidays

7 simple ways to protect your home these Easter holidays

Posted 18 April 2019
Easter holidays are seen as our final 'hurrah' with Summer, a great time to get away with the family. Let's not allow our home to be a prime target for burglars to access our unoccupied homes. Let's l...
General | Selling Tips
5 Red Flags You Cant Ignore When Buying a House

5 Red Flags You Can't Ignore When Buying a House

Posted 22 August 2016
5 red flags to look for when buying a house. No matter how big of a budget you have, buying a home is a huge financial commitment, and you do not need any additional unforeseen expe...
General | Buying Tips
11 questions to ask before dropping your house price

11 questions to ask before dropping your house price.

Posted 02 September 2016
...
General | Selling Tips
How to maximise your homes selling appeal

How to maximise your home's selling appeal?

Posted 10 August 2017
Selling your home as soon as possible is a dream come true for numerous eager owners.  ...
General | Selling Tips
Managing data is key to growth for disruptive technologies

Managing data is key to growth for disruptive technologies

Posted 06 July 2016
In this article guest author Jacob Cooper, explores Next Address's data managing strategies. Managing data is key to growth for disruptive technologies ...
General | Our Stories and News | FAQ's, Links and Resources
3 powerful questions to ask before jumping into home ownership

3 powerful questions to ask before jumping into home ownership

Posted 09 June 2016
The Great Australian Dream: buying your first home. Buying your first home - the great Australian dream - can be an excellent investment, but think carefully and make sure that home...
General | Buying Tips
First home buyers how lucky are you

First home buyers, how lucky are you?

Posted 09 May 2016
We think you guys - those of you that fall into the First Home Buyers category - are pretty damn lucky. Ok, we know that it's a tough market to break into, but boy you guys have a ...
General | Buying Tips | FAQ's, Links and Resources
8 first home buyer mistakes not to make

8 first home buyer mistakes not to make

Posted 27 April 2016
We all do make mistakes but let's avoid these real estate ones. 1. Getting impatient. So you have been searching for a house for a while and getting very tired of...
General
Hows the serenity

How's the serenity?

Posted 08 April 2016
Your home is your castle right? So should you care what your home says about you? Well despite what you may think or feel, shushing (yes it is an actual word) up your interior d&ea...
General | Buying Tips | Selling Tips
Should I accept the first offer made on my home

Should I accept the first offer made on my home?

Posted 29 April 2016
Is the first offer the best offer? Your home has been on the market 2 weeks, you've had 6 inspections and 1 offer. It's a good offer but not quite what you wanted.  ...
General | Selling Tips
Real estate transformation has arrived DIY is here

Real estate transformation has arrived: DIY is here!

Posted 01 March 2016
User Driven Revolution Transforming the Real Estate Industry.  Mobile technology is transforming the way we date, holiday, travel and now buy real estate. In the last eight ...
General | Buying Tips | Selling Tips
Julie and the Next Address Story

Julie and the Next Address Story

Posted 03 March 2016
Another Leading Ballarat Woman Set To Challenge The 'Boys Club.' While not quite telling the men in her industry to 'get stuffed' like Michelle Payne did after winning last ye...
General | Our Stories and News
Looking for a better way of buying or selling a house

Looking for a better way of buying or selling a house?

Posted 06 February 2016
What if we told you, it doesn't have to be this hard? Ever felt let down or disheartened while trying to sell or buy property? Too many roadblocks clogging your way? Expensive fee...
General | Buying Tips | Selling Tips
Newspaper Advertising Is It Worth It

Newspaper Advertising: Is It Worth It?

Posted 18 February 2016
Should you use newspaper advertising? Marketing and promoting your home sale can be your most expensive outlay. So it's important you get it right. Gi...
General | Selling Tips
6 tips to saving for your home deposit in 2016

6 tips to saving for your home deposit in 2016

Posted 09 February 2016
We are well into the new year... keep your resolution going and get ready to snap up the home you've been dreaming of! If you're trying to save a house deposit and you...
Buying Tips | Legal and Finance | FAQ's, Links and Resources
How you can stage your home for sale without breaking the budget

How you can 'stage' your home for sale without breaking the budget

Posted 29 January 2019
So you are ready to list your home for sale. You have made a big emotion decision to move. Before you get overly excited and start imagining yourself in a ...
General | Selling Tips
What does a real estate revolution look like

What does a real estate revolution look like

Posted 08 March 2016
We believe it is a u...
Selling Tips | FAQ's, Links and Resources | Our Affiliates and Networks
5 hidden costs to look for when buying a home

5 hidden costs to look for when buying a home ...

Posted 23 October 2016
Looking for your new home? Here are some key points you may not have considered. What is on your checklist? ... We know you already have one ... ...
Buying Tips
Are you a city slicker Heres 5 great reasons that we can think of to live in the inner city

Are you a city slicker? Here's 5 great reasons that we can think of to live in the inner city.....

Posted 21 March 2016
Choosing where to live is often one of the biggest decisions of our life. It affects our social life, ability to save and your overall lifestyle. So why choose city life? 1. Public Tr...
Buying Tips
If 86 of people are searching online for their next homewhy would you spend most of your ad budget on print

If 86% of people are searching online for their next home...why would you spend most of your ad budget on print?

Posted 11 May 2016
Agents argue that print advertising will increase property exposure, leading to great competition and higher prices. We don't argue with this, but we do want you to consider the m...
Selling Tips