What Happens Once the Contract Proceeds Unconditionally?
Once the Contract proceeds unconditionally, we know that our clients got their finance approved or an approval is in place and we now have a settlement date that we must work towards. So the next step for us is we contact the Mortgage Broker or the Banker and provide them with a range of documents we believe they will need to provide to the banks to facilitate the mortgage documentation. The Transfer of Land is the most common document that you will hear and the transfer of land is a legal document that allows the title to be transferred from one person to another. This occurs on the day of settlement. So we might have a 30 or 60 days term. We work over that period by liaising with the mortgage broker, the funder, the estate agent where required and we provide a letter of advice to our clients which is about 6-8 pages long and it outlines the process in nice layman terms. This is what you need to do, have a final inspection in this date, don’t forget to connect the utilities, here’s the transfer of land, please ensure that your signature match the contract. You’ll be surprised at how many people change their signatures over the way and just become a little bit lags in the end because you will be signing a mountain of documents but you still need to be consistent with it.
Once settlement is being booked in with the lender and the vendor’s solicitor which we organise and arrange for the client, we attend settlement and call our clients to arrange a day to collect the keys. And then we move in.