What Happens on Settlement Day – The Lawyer
Wondering what your lawyer is up to on settlement day? This is what they should be sorting out for you:
- Your lawyer pays the vendor your money as per the settlement statement via the vendor’s lawyer. The vendor’s lawyer confirms receipt of the money.
- Your lawyer notifies you that settlement has occurred and you can now take possession of the property – usually by phone.
- The vendor’s lawyer now starts the process by which ownership of the property passes to you. They will release of the Landonline documents to your lawyer who immediately updates the documents with the discharge of the existing mortgage, the transfer of title to you, and (if you are borrowing money) registers the new mortgage against the title.
- The vendor's lawyer notifies the relevant Councils and Quotable Value of the sale and gives them of your details as the new owner of the property.
- Your lawyer then puts together a record of all the information gathered during the course of the transaction and sends this to you along with the bill.
So on settlement day there is quite a lot going on – no wonder, on the odd occasion, settlement doesn’t occur on the expected day.