Property settlement refers to the last stage of the property sale process where the buyer completes payment of the price negotiated between the buyer and seller and acquires legal possession of the property from the seller. It can be a little confusing and intimidating.
Tschirpig Conveyancing is here to help. With more than 30 years of experience in helping people with buying and selling property in Darwin, we’ve got the knowledge and experience that you need. Check out our guide to property settlements below and get in touch with our support team for professional conveyancing solutions in Darwin and across the Northern Territory.
How Long Does Property Settlement Take?
Whether you’re buying or selling property in Darwin, the property settlement period is usually set by the seller in the contract of sale. It tends to be between 30 and 90 days, though this may vary between sales.
What Happens Before Settlement Day?
The property settlement period allows both parties to review the property and the clauses within the Contract of Sale. Your conveyancer can help you ensure all obligations are upheld, ensure that the property is in good conditions and make sure there are no debts against the property.
What Happens on Settlement Day?
On the last day of the settlement period (Settlement Day), final funds are transferred from the buyer to the seller. The buyer will receive the Title and ownership of the property in question. All payments including outstanding council charges and other charges are settled here. Your NT conveyancing expert can handle this stage of the process for you and will let you know once the settlement is confirmed.
What Can Go Wrong with Darwin Property Settlements?
Problems during property settlements are rare, though they can occur. The most common are settlement and payment delays. In such cases, the buyer is normally liable to pay interest on the amount they owe for the property, though this is negotiable.
Speak to Tschirpig Conveyancing in Darwin for comprehensive conveyancing solutions in Darwin and throughout the Northern Territory. Contact us online or by calling 08 8995 4900.
