Electronic settlements – the vital steps
Electronic settlements – the vital steps Property settlement day is one of the most exciting days in a lot of people’s lives. Clients have been through the process of purchasing a property, exchanging contracts, and perhaps sitting through a 5 day “cooling off” period and are now awaiting the final piece of the puzzle to fall into place. To avoid the disappointment of a delayed or cancelled settlement, many important “lead up” preparations are done with a conclusion date in mind. These include booking removalists, updating insurance, electricity and water changeovers, keys dropped at agents and usually a final property inspection. If settlement is delayed for even one day later, there can be many cost and logistics implications. Ultimately it is in the best interest of all parties for a settlement to proceed on the scheduled day, at the correct time. Outlined below are some of the steps involved in achieving this goal. By careful preparation and processing, a settlement agent can eliminate many possible roadblocks and all but ensure that settlement occurs on the arranged day at the proposed time. Timely supply of documentation and information from the client is a major contributor to a successful timeline. Settlement preparation
