Settlement day itself is mostly out of your hands, but the week before it isn’t. Ge to top of these five things to avoid a delay:
- Arrange collection of the keys with the agent and check when you can actually get in.
- Have your insurance in place. Don’t leave this until settlement day.
- Arrange connection of power, gas and water in your name from the day you take possession.
- Arrange your telephone and internet connection, which takes longer than people expect.
- Do your pre-settlement inspection in the 5 business days before you take possession.
When you actually get possession
Settlement and possession aren’t always the same moment. If the property is the seller’s principal place of residence, the seller may stay in possession until noon on the day following settlement.
That matters for the keys, for your removalist and for the day you book the connections from. Check which applies to your contract before you book anything.
Insurance
Insure the property from the earlier of settlement and the day you take possession. Don’t wait until the keys are in your hand.
If you’re borrowing, your lender will usually require a certificate of currency before it releases the funds. A policy arranged on the morning of settlement can be the thing that delays it.
The final inspection
You get one inspection under the contract, in the 5 business days before you take possession. You can bring two people with you.
Check the property against the condition it was in when you signed. Look at anything the contract required the seller to do, test the things that were working then and raise a problem with your settlement representative the same day. There is no second look.
Frequently asked questions
Do I need to be at settlement?
No. Your settlement representative attends to it. You’ll hear from them once it has happened.
When do I get the keys?
From the agent, once settlement has been effected and you’re entitled to possession. If the property is the seller’s primary residence, you’ll get the keys at 12 noon on the day after settlement.
What if something is broken at the final inspection?
Raise it with your settlement representative that day. Leaving it until after settlement removes most of the options.
Talk to us about your settlement
We act for buyers and sellers on residential and commercial property settlements across Perth and Western Australia.
Call the settlements team on (08) 9220 4430 or download an itemised quote for your own purchase.
Related: Your pre-settlement inspection
This article is general information and not legal advice. Every property transaction turns on its own facts.
