Three ways you can ensure that your purchase settles on time

Purchasing property is exciting, especially as the due date for settlement approaches. Things can become very stressful though when it becomes doubtful as to whether or not settlement will be completed on the due date.

Here are three examples of what you can do to help ensure that settlement is completed on time:

1. Verification of Identity (VOI) and Client Authorisation form – these are required to comply with the PEXA (electronic workspace) and titles office requirements. You should complete these as soon as you receive a request to do so.
2. Duties Online form – this form enables the stamp duty on your purchase to be paid at settlement. Settlement cannot be completed until the Duties Online form has been signed by all parties. Accordingly, you should sign this document as soon as you receive a request to do so; and
3. Funds for Settlement – when you are contributing funds for settlement either due to no lender being involved or due to “shortfall” funds being required from you, it is best to ensure that any funds you are providing are available in plenty of time for settlement. It is important to note that some fund transfers can take a few days to be completed, so leave yourself plenty of time to complete the transfer

Coulter Legal is here to help. Call us today.