Some people believe that you can move into your new home as soon as settlement day is over. This is not always the case. Show When you make an offer on a house, the real estate agent will ask you for two dates: a closing date and an occupancy date, which is the day that you move into your house. Whatever you and the seller agree to in the contract terms will determine when you can move in after closing. Ideally, you will receive the keys and head straight to your new house immediately after the closing appointment. But, in some cases, the seller may need more time in the house after closing, perhaps to finalise the purchase of their own new home. As a result, sellers may sometimes request extra time after the sale before you can finally move in. As the closing date approaches, keep the following in mind for a smoother transition: Compromise is vital when determining your occupancy date Your
occupancy date cannot be changed once it is set A lease back occurs if the seller seeks to occupy the house for a specific period after the closing When this situation occurs, the seller will often have to pay the buyer rent. From this moment on, you, as the new owner, will ultimately be responsible for the finances of the house, which is why rent is expected from the seller. What else should you do after closing? Replace the locks Keep important documents in a safe place Inform important people and authorities about your move First and foremost, alert the Australia Post about your move so that important mails will be delivered to your new address once you move in. Make sure to inform also your relatives, friends and employer, as well as insurance and utility companies. Do not forget to update your address in your bank accounts and in wherever you have entered that information in the past. Create a plan for home maintenance, future upgrades and emergencies The closing date is the most anticipated part of a real estate transaction as it involves the appointment where the sale is finalised. After the closing is complete, you will be the new owner of a house. As long as you have done your part, it doesn’t matter whether you are able to move into your new house immediately after closing or on a later date. After all, your new house is worth the wait. What happens during the closing period? Ideally, the property should be in the same condition (or better) as it was when you signed the contract of sale. The contract should specify which fittings and fixtures are included in the sale, as well as which ones the seller can remove. As you conduct your inspection, make sure that:
Aside from the final inspection, there are a few legal and administrative tasks that you will have to accomplish. Shortly before the closing date, your conveyancer/solicitor will provide you with a settlement adjustment statement, which includes pre-settlement adjustments such as stamp duty, any stamp duty concessions and the First Home Owner Grant (if applicable). Aside from these, there may also be adjustments to compensate the seller for council rates, water, and body corporate fees. The seller must pay all the property’s bills right up until you take legal possession of it on the closing date. When this happens, the seller is compensated through an ‘adjustment’ to the purchase price upon closing. As for you, check the pre-settlement adjustment statement carefully before advising your conveyancer to proceed with the final settlement. If you can, be sure to avoid these common closing pitfalls: Missing the
closing date Changing the closing date Bonus Tip: Make sure that you have home and contents insurance cover and that the policy begins on or before the closing date. This is one of the best things you can do to reduce the risk of things going wrong on your end. What happens on the closing date itself? Once you give them the go-ahead, your conveyancer/solicitor will meet with the seller’s conveyancer/solicitor to finalise the closing. Your conveyancer/solicitor will hand over the cheque and the seller’s conveyancer/solicitor will provide the signed transfer documents. The transfer documents include everything needed for a clear title to be handed over, which means the rights of third parties have been removed or released. Examples of these third party rights are caveats (a type of legal restriction on the use of the property) and previous mortgages over the property. Once the final payment is handed over to the seller and the transfer documents are signed, you can finally get the keys to the property. Your conveyancer/solicitor will also need to get the transfer of ownership registered with the relevant government agency in your state or territory. How long does it take to get settled into a new house?They say it takes about 6 months to really feel settled. Embrace it. It's better to take your time and mindfully put together your home than to rush and feel the need to change everything in two weeks.
What is the first thing to do when moving into a new house?Use this guide to ensure that you're ready for not just the moving process, but the move-in process as well.. Do a Walkthrough. ... . Take Safety Precautions for Children and Pets. ... . Make an Unpacking Plan. ... . Set up Utilities and Connectivity. ... . Locate Necessary Functions. ... . Set up a Security System. ... . Deep Clean. ... . Change Your Address.. How long is settlement in WA?In Western Australia, the settlement process typically takes between one and three months. This time allotment usually gives both the vendor and the buyer enough time to prepare the relevant paperwork, financing, moving, cleaning and other details that must be arranged before settlement day arrives.
How long does it take to buy a house in New Jersey?In New jersey you typically have a total of 5 -14 days for this process to occur and there is a lot that goes into it. Your realtor can help you during this process and should best advice you of how to properly conduct due diligence.
|