Why Does It Take 6 Weeks to Settle On a House?
Once a home seller accepts an offer, it takes three stages to make the transaction official. The settlement phase takes place after the contract sale and before settlement day. When you settle on a house, both the seller and buyer go through an administrative-intensive six weeks.
During these six weeks, the home buyer receives an opportunity to have the property professionally inspected. A professional assesses the home. They look for major deficiencies such as electrical problems. The homebuyer’s lender also receives an opportunity to appraise the home. They want to ensure that their institution funds the correct amount.
As the process moves along, the legal and financial entities involved in the transaction complete the paperwork. For example, the transfer documents require a signature from both parties. The parties must also make the transaction legally official by registering the paperwork with the correct government agencies. Both parties schedule settlement day. They prepare the outstanding documents. In addition, the lender begins finalising payment to the seller.
The lender remains in contact with the homebuyer to ensure that everything remains intact during the settlement stage. Mortgage House loan specialists keep the lines of communication open with clients to ensure that the parties remain on the same page.
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Settle on a House Conclusion
It takes six weeks to settle on a house in Australia. The administrative stage takes place during this phase. Once all the paperwork checks out, the seller receives payment and the buyer their home. For more information, contact our Mortgage House loan specialists.