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FINAL INSPECTION COMPLETE- Buyer

THE FINAL INSPECTION IS COMPLETE- What next?

We are nearly there and your new home dream is almost a reality!

Congratulations, the final inspection is completed. I have put together a simple guide which will hopefully assist you in the final steps before settlement.

What happens next?

  • I will send today both Settlement Agents a copy of that signed acknowledgement document so that they both know we have completed the final inspection.
  • I know for Buyers this can be quite exciting as it means that you are nearly in your new home.
  • Whilst we are almost there but there is still a few things to do and know before the property settles.
  • My job is to make sure we get to settlement with minimal hassles and that everyone is happy.

Please read the following with the view that we are trying to help you manage this with minimal surprises and adverse risks or unnecessary avoidable stress. Thank you.

1) Settlement Date

The settlement date is what is on the contract. This is the date that the property becomes yours. Until that date, the Seller is often still living in the property, and often has the enormous task of “getting out” in time, so for them it can be quite stressful. On that day of settlement, the Buyer (you) will be entitled to full access as you are the new owners. (Except when the Seller is still living there, as explained in 4) a. Keys- handover, below).

2) Settlement Agents/ documents
  1. Transfer of land docs- please make sure these are signed and in on time. Any delays or loss of documents can cause delays in settlement, or worse, penalty interest depending on who causes the delays.
  2. Proactive role- I suggest you chase your Settlement Agents to make sure that they let you know in advance any potential red flags that they can see, well in advance.
  3. Ask- Anything else needed? – A great question to ask in the week before settlement.
3) The 3 Day Grace period

Both Buyer and Seller have an automatic 3 day grace period set in the contract so please be aware this can and often does come into play.

  • Banks and Settlement Agents know this applies and often use it for a number of reasons. Papers can get misplaced, one of the parties is slow returning docs, many reasons
  • Please have a back up plan (Plan B) in place that includes the possibility that settlement could be delayed up to 3 working days without penalty to either party
  • Beyond that the offending party that causes the delay could be liable for paying penalty interest
4) Keys
  1. Handover- The buyer is entitled to the keys at settlement if the property is vacant. Otherwise, the buyer is entitled to take possession at midday the day after settlement.
  2. Quantity- One key for every lock is the standard. That includes all garage remotes too (usually 2 minimum, one for each car space).
  3. Where- These are usually left in the kitchen cutlery drawer, and we will hand the keys we had for the marketing campaign to you in person after settlement.
5) Condition at handover

Sellers are required to maintain the home/property in the same condition that is was leading up to the Buyer making an offer and for the marketing campaign.

  • Sellers are not required to have professional cleaners in or have the carpets cleaned, unless those things were specifically agreed in the contract.
  • As the Buyer, you will be receiving the home in the same condition as it was when you made the offer.
6) Access

Access to the property is AFTER settlement.

  • Immediately upon settlement for vacant properties
  • Midday the day after settlement for occupied properties

7) Furniture removalist truck

  • Many buyers arrange their truck to be at the door step of their new home at 12PM the day after settlement. (Or earlier for where the home was/is vacant).
  • Earlier than this can be problematic, as the Sellers will often have their trucks still in the drive up to right on the dot for midday the day after settlement.
8) Mail re-direction
  • I suggest that you take care of this a week or two before settlement to make sure they can implement for you in sufficient time.
9) Services
  • Gas, electricity, Phones, Internet, Water
  • Best to let all know you are moving in and the expected settlement date
(Please note I am not guaranteeing other company service levels, just providing an information service).
  1. GAS (Alinta Gas 9486 3000, or Kleenheat Gas 13 21 80)
  2. ELECTRICITY (Synergy 9424 1836)
  3. PHONE (Telstra 1800 676 442, or iinet 13 19 17)
  4. WATER (Water Corp 13 13 85)
  5. INTERNET (Telstra 1800 708 867 or iinet 13 19 17)
10) Manuals/ floor plans and warranties
Availability and where:
  • I have asked the Seller to leave anything that they have with the property
  • If we have them they will be left for you in the kitchen drawers
  • If we don’t have them, the Seller doesn’t have to go out and get new ones
11) For sale sign
  • I have as at today ordered it down (If it isn’t already).
12) Prior possession

I understand many Buyers want to get in ASAP, and often have ordered new furniture, arranged days off work, or are fitting into furniture removalist schedules.

  • Please don’t ask for prior possession, as we don’t want to offend by saying no
  • It is almost never agreed to for insurance and other reasons.
  • We really need a Plan B if settlement doesn’t happen that doesn’t include prior possession.
13) Moving stuff into property before settlement
  • As above, we usually resist having access to the property before the property settles.
  • I know you are excited, but settlement and key handover is when you are the new owner and can then have unlimited access.

As always if there is anything that you need please feel free to let me know.

Yours faithfully,

 

Ian Barnes
Managing Director/ Licensee