In this blog (3 min read) we explain everything that happens on Settlement Day for QLD conveyancing property settlements...
From booking banks, liaisng with other solcitors, directing payments, organising State Taxes to be paid, key collection and so much more - we unpack all the moving parts that occur on settlement day for QLD property!
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Hi everybody - George Sourris, Empire Legal.
Today's topic: What happens on Settlement Day for QLD properties?
Let's get into it. Today we're talking about what a property lawyer or conveyancer does on Settlement Day. Settlement day is always an exciting time with many, many moving parts.
At Empire Legal, we're doing many jobs in the background to make our client's settlement a smooth sail all the way to the finish line.
First of all, on settlement day, we send our clients a happy settlement day email. So what is that? It's basically letting our clients know what time settlement is scheduled to happen.
We also copy in the real estate agent and your banker/broker, so everybody's on the same page.
When we are representing a BUYER, we are going to check if the bank is ready to go and that they have the money available for us to direct. We check that the shortfall funds required (if any) to complete settlement are in our client's nominated account or in our trust account, to be used as part of the settlement process.
We are then going to stamp the contract and make the payment of transfer duty to the Queensland Revenue Office. We are also going to make sure our client has been informed in advance about arranging a pre-settlement inspection. And if there are any issues, we will advise our clients (in conjunciton with communicating with the Real Estate) on how to navigate through and reach a solution.
If we are representing a SELLER, we are going to make sure that the mortgage is ready to pay out and that there is ample funds there to pay out that loan. We also check that the title has not changed with any last minute issues on the day of settlement. For example, that there's no caveat being lodged there's no extra mortgages that have popped up sneakily etc - because the title has to be clear from the seller when it passes over to the buyer.
We are also going to make sure that we agree right down to the last cent on the exact settlement figure required between the buyer solicitor and the seller solicitor. We're going to confirm a time for settlement to occur. We are going to advise our client for the arrangement of collection of keys, usually through the real estate agent.
We are also going to make sure that any Deposits held are released and the real estate agents are paid. We will also upload all payment directions, for example, rates, water, body corporate, conveyancing fees, agent fees, client sale proceeds, et cetera, to the workspace. We'll sign off on the transfer of land documents so that the title will move freely from the seller to the buyer without any headache as part of the settlement process.
The PEXA platform talks directly to Queensland Titles and this happens as part of settlement. If money is going to be sent internationally, we're going to work with PEXA's partner, Send Payments, to make sure that money gets overseas safely.
Settlement is going to occur as early as 12.00pm and as late as 4.00pm Queensland time. If settlement doesn't happen on the allocated time (we usually aim for a 12pm settlement), it's going to roll over in 30 minute blocks until that last time slot automatically, of 4pm.
All parties are required to sign off here guys, so that means both sets of lawyers, and if there's banks involved, either releasing or incoming, they're both going to have to sign off as well. Unless all the parties sign, it won't settle.
Now once the property settles, we're going to let our clients know. We set it up in the system so the second it settles, the client gets emailed and the agents and the bankers and brokers will know at the same time. That way the keys can be collected and the removal trucks can hit the road.
There's a fair bit going on here, right?
But don't worry, we're experts. This is what we do. We help thousands of people - actually tens of thousands of people, every year settle their homes.
Guys, please email me with what topic you want to hear from next. george@empirelegal.com.au.
I'm happy to make tailored content for you guys.
You ask - I'll answer.
Thanks everybody. Chat soon.
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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.