Buying at Auction Part 9 - Settling the Sale and Moving In
Settling your real estate purchase...you're nearly there
What You Need to Remember
Finally, it is time to settle the sale of the home you have purchased at auction. There are however many things you'll need to organise between the time you sign the contract of sale and the settlement date.
During the settlement period, you will need to fulfil the conditions outlined in the contract of sale as well as any other obligations you have.
Before the settlement date rolls around, you will need to contact your mortgage lender and organise your finance for the home. Whether you're closing a bridging loan, using a loan portability feature or taking out another mortgage, your finance needs to be organised as soon as possible.
The balance of the home is due on settlement day and will usually be paid to the seller once the lender has authorised the payment.
If you outlined any special conditions in your contract of sale, now is the time to fulfil these. For instance, the sale of your home may be subject to an inspection, valuation or some type of work by the owner.
For a smooth transaction, this needs to be organised well in advance to ensure everything is completed by settlement day.
Once both parties and solicitors have written to the agent to confirm the sale has settled, the agent can organise the handover of the keys to the new owner.
This can take a couple of hours to be finalised, so it's a good idea to organise your removalists to come to your home the day after settlement.
Moving On and Moving In
Congratulations! You have just purchased another home and are now on your way to becoming a seasoned real estate buyer.
Taking possession of your new home is an exciting time. Startingfresh in a brand new property and moving all of your furniture is sure to be a fun experience for everyone.
You will need to organise a few things in advance before you make the transition from your old home into your new one.
- Contact Australia Post and organise your mail to be redirected to your new address
- Cancel the electricity, water and gas supply at your old home
- Set up utilities at your new home
Check whether your new home has council-supplied bins. Otherwise, organise the delivery of these to the property
- Make sure your children have been enrolled in a new school in the area
- Transfer or organise home and contents insurance for your new home
Will you be moving your furniture in yourself, or will you hire removalists? You will need to organise this well in advance so you can start packing and have a smooth transition into your new home.
Before moving furniture you will need to:
- Obtain at least three quotes from removalists
- Organise some friends or family members to help you (if DIY moving)
- Get some boxes and packing material
- Draw up floor plans for your new home
Get to know the neighbourhood
As a new member of the neighbourhood, you may feel a little nervous about where the best amenities are and what your neighbours are like.
Take some time to explore your new suburb. Don't be afraid to introduce yourself to your immediate neighbours next door or across the road.
Once you've met, they can provide you with some helpful information. For example, they might know the best hidden restaurants in the area or which road to take to avoid morning traffic.
Another way to learn more about your neighbourhood is to go for a walk during the weekend. Head to the nearest shops, parks or beaches to get a true feel of your new home. Who knows, you might make a wonderful discovery on your journey, such as a new favourite cafe or shop!
For a more detailed guide on moving into your new home, download and read the LJ Hooker 'Your Complete Moving Guide'.