Settlement

 

At settlement the balance of the purchase money is paid in exchange for the transfer documents and the certificate of title.

The settlement date is set out in the contract of sale.

The property must be handed over in the same condition it was in on the day it was sold. An inspection should be carried out in the week prior to settlement to confirm this.

All council and water rates are adjusted as of the settlement date.

After settlement your bank or lawyer pays stamp duty on the transfer and registers the transfer with the Land Registry. The local council, the water authority and the State Revenue Office must be notified of the change of ownership in the property. Your lawyer will do this.