How to ensure funds have cleared before handing over keys/title?

Just meaningless, since after settlement the buyer is legally allowed to get a locksmith and change all the locks.

 

It's got nothing to do with the vendor at that point unless they are selling without using an agent. This is what happens in most cases:

- Settlement completes

- the vendor's solicitor notifies the vendor's real estate agent that settlement has happened

- the buyer obtains keys from the vendors real estate agent

For our last 2 purchases we met the selling agent on site and they handed over the keys. In one case they also handed over some kind of strange gift box with jam, cheese, biscuits and a bottle of alcohol, perhaps red wine. It was very strange.

 

A hamper for the buyer who spent so much on buying, not to mentioned the commissions the Agent gets is on humane.

 

Be mindful of the fact that settlement can be delayed. Eg bank brings wrong property file to the settlement appointment and has to reschedule to next business day.

 

If it's the buyer's bank that can't come to the settlement on time or wrong files etc, can that bank be made liable for any fees made to the buyer from the vendor?

 

Often at settlement written direction on the agent to release the keys is required.

 

Yep had one of those recently, bank came along to settlement and had forgotten to get the higher ups to sign discharge papers.... rescheduled

 

Technically yes, though there wouldn't be enough money in it for the vendor's conveyancer to bother re-doing the calcs if it's just a delay of one day.

 

Usually when a bank causes a delay they will foot the extra interest and costs incurred - just have to ask.

 

@juxt1n my point about potential for delays is to perhaps be mindful that if there is a delay, then you will be mucking tradies about, and they might not be available a day later. I think it is best to leave a 24hr buffer in case of settlement delays and have tradies start two business days after settlement, not the very next day.

 

Say Tuesday is settlement (for purchase house) and i need to call my banker on Monday to get final discharge figure for the mortgage on the sale house, and buy a cheque..

What is this discharge amount in relations to amount owing on the purchase house. The amount oweing is already known.

 

Loan amount plus interest plus fees.

 

What loan amount, what fee what interest?

The loan has already been providen and can be acessed at any time?

This has something to do with discharge of sale house.

 

If you are talking purchase you will need to know how much funds will be made available at settlement. Fees are transfer, stamp duty, registration of mortgage, bank fees.

 

Settled in the 11th hour. Unbelievable!

Now i got asked to pay for the purchased house's title. I assume this is paid by the purchaser (me) is that correct?

 

Why?

 

Because it is not in my name. And i need to put the titles in my name?

 

What is the actual fee called?

 

Did you use a conveyancer or do it yourself?

 

Discharge of Mortgage registration fee
Transfer registration fee
Globalx agency lodgement fee

All three!

Through lawyer.