06 Dec 2018

5 Things to Organise While Finalising Property Settlement

Property Settlement

It’s not ‘home sweet home’ until after settlement, and with a little organisation, you can ensure your property settlement is a smooth process. With so much to think about, including finance and packing boxes, it’s easy to forget some important things. We take you through 5 things that you should organise for the big day.

Arrange a Final Inspection

Before deciding on your new home, you probably carefully inspected every corner of the property. Between signing the contract and settlement day, any number of things could have happened, or been taken, and your future property may not be in the same condition. For this reason, it is important to arrange a final inspection.

You will need to compare the current state of the property with the original inspection, note any damage that goes beyond ‘wear and tear’ and check that all fixtures included in the contract of sale are in place and in working condition. It is important to take pictures at all inspections as these will be helpful to make comparisons.

Building and Contents Insurance

This is a big one, but it is easily forgotten. Although you are not living in the property yet, your property is still at risk of damage. While you can rely on the vendor’s insurance, this can be risky. Play it safe and organise your own insurance. Building insurance can be organised from the date of contract until settlement.

Keys and Codes

It may sound simple, but arranging who has the keys and when you can collect them is often missed amongst the big picture of settlement. The keys can be picked up from the agent or delivered to your legal representative. Either way, make sure it is clear.

Another forgotten item is the burglar alarm. Ensure that you have codes for the home security system or garage and instruction manuals are left behind.  

Book Connections and Disconnection of Utilities

When you move into a new home, it’s likely that the utilities will still be in effect from the previous owners. As a result, new homeowners can forget to set up their own utilities. Organise your connections in advance so you’re not left in the dark, and at the same time disconnect your current utilities so you’re not left paying someone else’s bills.

Redirect Your Mail

Snail mail may seem irrelevant, but important information is still communicated through the post. Don’t miss important bills and notifications, make sure you update your address. This is easy to do with Australia Post, and they can even notify selected banks, insurers, government departments, telcos and energy providers on your behalf. Be sure to allow 3 days for address changes to take effect.

Remember the little things as well as the big things, and your move will go ahead without a hitch.

At Mortgage House, we are no stranger to the homeowner’s journey. It’s a long (but rewarding) one.

If you’re moving or buying a property, let us take care of the mortgage! You can contact us and we’ll ensure you’re getting the best deal, so you can focus on actually moving!

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